It is the third time WPP has extended its offer for the media-buying firm. Last week, it announced that it had new information it was presenting to the panel and would extend its offer until October 29.
Last Thursday, the executive committee of the Takeover Panel rejected WPP's bid to invoke the material adverse change condition in relation to its offer for Tempus. WPP immediately responded by saying it would appeal to the full committee.
WPP appealed to the Takeover Panel on October 10, asking it to invoke the clause. WPP argued that the situation had been significantly changed by the events of September 11 as world markets fell. It is also arguing that Tempus's fortunes have been serious impacted by the events.
Tempus has already made its own submission arguing why it believes that there were no grounds for allowing WPP to invoke the clause.
Sir Martin Sorrell is expected to go before the Takeover Panel tomorrow and argue his case. It is understood that he will come face to face with Tempus CEO Chris Ingram.
The meeting at the Takeover Panel between Ingram and Sir Martin will be replete with irony. Ingram, who was once a solid detractor of Sir Martin's and fought hard to keep his company out of WPP's hands, which led him to the initial white-knight bid by French group Havas Advertising, now desperately wants the deal to go through. If it does, he will stand to make around £60m.
Analysts had been surprised by WPP's decision to go to the full panel. Industry watchers had expected Sir Martin to abide by the ruling of the panel executive. It had been suggested last week that WPP, knowing the likely outcome, was resigned to going ahead.
If the full panel rules against WPP, Sir Martin is still under no obligation to go through with the deal. Many now argue that it would be a difficult coming together for the two, having gone to such lengths to stay apart.
However, last week analysts were more concerned with the full-year outlook than the eventual outcome of the Tempus deal, and were of the view that longer term, Tempus will add value to WPP's Media Edge media-buying operation.
WPP was down 1.63% this morning to 605p, having closed last night at 615p. Tempus was also down 0.5% to 522.5p, having opened at 525p.