Investors unconcerned about Takeover <BR>Panel's rejection of WPP appeal

LONDON - As WPP Group planned its next move its shares finished the day up 1.8% to 634p, as investors appeared unconcerned at the outcome of the Tempus deal following the Takeover Panel's rejection of its exit attempt.

Earlier in the day WPP had dropped slightly while Tempus rose rising 1% to finish the day at 527.5p.



Today, the Takeover Panel rejected WPP's request to invoke the adverse material change get-out clause, but the drawn-out war looks set to run for a little longer as WPP can appeal the decision yet again. Today it gave no indication what its next move would be.



For other leading shares, it appears that the media share mini-boom of last week is over for now. With the FTSE 100 index down 0.4% on yesterday's close to 5018.4 points, Granada was trading up 2.3% at 133.25p, but Carlton Communications, with which it runs ITV Digital, was down 0.1%, trading at 190.3p.



Pearson, which had benefited last week from the announcement of cost-cutting measures, was up 0.2%, trading at 824.5p. Cordiant Communications, named as the big winner in Allied Domecq's advertising agency shake-up, was also trading up. Its shares were worth 86p today, up 1.8% on yesterday's close.



In the smaller PR-dominated groups, Incepta, parent company of Citigate Dewe Rogerson, saw its stock increase 6.2% to 32p. However, Huntsworth was down 2%, trading at 24p.










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