WPP abandons fight over Tempus

SIR Martin Sorrell's advertising group WPP will not appeal against the Takeover Panel's ruling that it must go ahead with its £432m offer for Tempus.

WPP has spent three weeks unsuccessfully trying to convince the panel that it should not be bound by the deal because the media buyer had suffered a 'material adverse change' since 11 September.

Sorrell had 24 hours in which to contest the latest panel decision, which was announced yesterday.

It followed an offer of 555p a share from WPP for Tempus which trumped its archrival, French-owned Havas Advertising. Havas pulled out. But companies such as Tempus have been hard-hit by the decline in advertising.

Analysts estimate that the group is now worth about £180m against the £432m paid by Sorrell.

Last week a meeting of the full panel dismissed Sorrell's claim. Today he grudgingly accepted the ruling within the 24-hour deadline.