Timeline: The WPP/Tempus battle
As the battle for Tempus draws to a close, Brand Republic details the key moments in the ongoing saga.
November 13 -- WPP adds four executives to the board of Tempus
WPP Group adds four of its own executives to the board of Tempus, following last week's decision to move ahead with the £434m deal to buy the media-buying firm.
November 7 - Takeover Panel reveals why WPP
failed to get out of Tempus bid
The Takeover Panel said that WPP Group's failure to show how the September 11 terrorist attacks specifically affected Tempus was the key reason in its decision to force the group to proceed with its £432m offer for the media-buying company.
November 6 - WPP honours deal to buy Tempus
WPP Group goes ahead with its acquisition of Tempus and notifies the Takeover Panel that it does not intend to appeal against the committee's decision that it should complete its £432m acquisition of the media-buying group.
November 5 - WPP extends bid for Tempus to next week
WPP Group extends its offer for Tempus until November 12 as it waits for a statement from the Takeover Panel stating the reasons why it rejected WPP's bid to let its £432m offer for the media-buying group lapse.
November 2 - WPP/Tempus battle gets ugly as Ingram threatens to walk out
As WPP considers taking the Takeover Panel to a judicial review over its decision to reject its appeal to get out of buying Tempus, Chris Ingram, CEO of Tempus, threatened to walk out of the company and take his staff with him.
November 1 - Takeover Panel dismisses WPP appeal
The Takeover Panel rejected WPP Group's appeal against the ruling that it must go ahead with its £432m bid for Tempus.
October 31 - WPP threatens Takeover Panel with judicial review
WPP Group threatens the City regulator with a judicial review if it does not force Tempus to release trading data.
October 30 - WPP extends offer for Tempus
WPP Group extends its offer for Tempus until Monday November 5 as it prepares to put its case for abandoning the £432m deal to the full Takeover Panel.
October 25 -- WPP to appeal Takeover Panel ruling
WPP announces it is to appeal against the Takeover Panel's ruling that it must go ahead the takeover of Tempus.
October 25 -- Takeover Panel rejects WPP bid as group reports third quarter
The Takeover Panel rejected WPP Group's bid get out of its deal to buy Tempus, as the group warned in its third-quarter results that it will be very difficult to hit its targets in 2001 following the events of September 11.
October 24 -- WPP resigned to going through with Tempus deal
WPP Group looks resigned to buying Tempus despite its claim on October 23 that it has received "further information" that strengthens its argument for abandoning its £432m offer for the media-buying group.
October 23 -- WPP gives new information to City in battle to pull out of Tempus deal
WPP has says it has received "further information" that will strengthen its argument for revoking its £434m offer for media-buying shop Tempus.
October 17 -- Tempus says WPP appeal to Takeover Panel has no grounds
The Tempus board says that it sees no grounds for allowing WPP to invoke the material adverse change condition that would allow it to pull out of the deal.
October 17 -- Morgan Stanley cuts WPP expectations
Shares in WPP Group were up slightly after investment bank Morgan Stanley cut its earnings expectations ahead of the advertising giant's third quarter results.
October 16 -- WPP extends its bid for Tempus
WPP Group extends its bid for media-buying group Tempus until October 22 while it continues talks with City regulator the Takeover Panel about a way out of the £432m deal.
Tempus shareholders threaten WPP with legal action
October 15 -- Shareholders in Tempus threaten WPP Group with legal action if it attempts to abandon the deal to buy the media-buying group.
WPP continues to climb as it attempts exit
October 11 -- WPP Group stock continues to rise this morning following yesterday's announcement that it is to ask City regulator the Takeover Panel to allow it out of its agreement to buy Tempus.
WPP moves to get out of Tempus deal
October 10 -- WPP Group asks City regulator the Takeover Panel to allow it to invoke the 'material adverse change' clause, which could give it a way out of its £432m deal to buy Tempus.
WPP may be saddled with Tempus deal
October 9 -- Advertising giant WPP Group may not be allowed to back out of its £432m bid for media-buying firm Tempus, despite the declining value of Tempus.
Tempus thwarts WPP bid to exit deal
October 8 -- Media-buying group Tempus refuses to hand over recent trading information to suitor WPP Group fearing that it would be used to help scupper the deal.
WPP looks for way out of Tempus deal
October 3 -- WPP Group begins to look to find a way out of the deal to buy media buying group Tempus, despite having received an overwhelming vote in favour of the deal from Tempus shareholders.
WPP has 93.9% of Tempus acceptances
October 2 -- WPP Group reveals that it received valid acceptances for the equivalent of 93.9% of media buying firm Tempus.
Tempus first half profits down as WPP decision is awaited
September 25 - Tempus reveals half-year pre-tax profits down 16% to £8.9m as a result of waning confidence in the media sector.
WPP hoping for low acceptances to get out of Tempus deal
September 21 -- WPP is hopes that it does not get the 90% acceptances needed to see its acquisition of media-buying firm Tempus go forward.
Tempus recommends WPP's bid
September 21 -- Tempus recommends WPP Group's 555p-a-share bid, following Havas Advertising's dramatic withdrawal from the race for the CIA-owning media group.
Havas withdraws Tempus offer
September 21 -- Havas Advertising announces that it is withdrawing its offer for media-buying group Tempus.
Havas confirms Tempus offer extension
September 18 -- Havas extends its offer for media buying firm Tempus, as predicted earlier.
Havas to extend offer for Tempus
September 17 - Brand Republic reports that Havas is expected to prolong its offer for media-buying group Tempus sometime the following day as the deadline for Havas Advertising's 541p-a-share bid for Tempus expires. This sparked expectation of WPP's counterbid.
Aegis will fight for independence
September 13 - Always looking like it might be drawn in, Aegis CEO Doug Flynn says that he will fight to see the company remain independent.
No surprises in WPP offer document
September 11 - WPP issues its offer document for Tempus. There are, as expected, no last-minute surprises in the offer document for its proposed acquisition of Tempus.
Havas bid for Tempus gets EU clearance
September 5 -- Havas Advertising reports that the European Competition Commission has given its acquisition of Tempus Group the all clear.
Havas extends offer for Tempus
September 4 -- Havas extends its 541p-a-share offer for Tempus until September 17.
Havas has 29% of Tempus behind offer
August 21 -- Havas announces that its offer for Tempus has been accepted by approximately 24.7% of Tempus shareholders.
Tempus issues response to WPP bid
August 20 -- Tempus responds quickly to WPP Group's counter-bid, by announcing that the Tempus board will hold discussions. Havas says that it is considering its options, following the widely predicted 555p counter-bid by WPP.
WPP counter-bids for Tempus
August 20 -- As expected WPP launches its 555p-a-share counter-bid for Tempus, Havas is expected to fight back with a higher bid of its.
Aegis denies it is in takeover talks
August 16 -- Aegis denies it is in talks with either WPP Group or Havas Advertising, amid speculation that the loser in the battle for Tempus will make a bid for it.
Tempus confirms WPP discussions
August 16 -- Tempus confirms that it has been in discussions with WPP Group about a possible takeover bid. It follows yesterday's complaint by Havas to the UK Takeover Panel, which demanded that WPP be forced to make clear its intentions.
Sorrell on verge of Tempus bid
August 15 -- Sir Martin Sorrell, chief executive of the WPP Group, is thought to be close to launching a counter-bid for Tempus.
WPP drops as bid expectation mounts
August 9 -- WPP shares fall ahead of expectations that is set to make a bid for Tempus.
Ingram vows to quit if WPP wins out
August 6 -- Chris Ingram, the CEO of Tempus Group, has vows to quit the company if WPP launches a successful counter-bid against Havas.
Tempus backers get details of Havas offer
July 31 -- Details of Havas Advertising's 541p cash offer for UK media-buying group Tempus are sent to shareholders.
Tempus soars 50% on £425m Havas deal
July 19 - The battle begins as Havas Advertising makes its £425m bid for Tempus. The move sent shares in Tempus, which owns the CIA media-buying network, soaring more than 50%.
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