WPP was yesterday given the equivalent of 93.9% approval from Tempus shareholders for its 555p per share bid for the company.
However, WPP said the takeover was still subject to a "no material adverse change" condition, which could be a possible way out of the deal.
The WPP offer has now been extended until October 15 giving Sir Martin Sorrell, the WPP CEO, time to workout exactly how he will extricate his company and its shareholders from the prospect of paying over the odds for Tempus.
Tempus shares are now trading at 490p this morning and improvement and seem to be holding their own in the expectation that a deal with WPP can still be done.
But the 490p is along way short of WPP's offer. There is also concern about Tempus' future prospects. Last week it reported its half-year pre-tax profits down 16% to £8.9m as a result of waning confidence in the media sector.
The only potential hurdle that WPP faces is a competition enquiry, but it is not thought this will present any problem and the deal is likely to be nodded through.
It is the "no material adverse change" condition on which all attention will centre. WPP will argue that the market has significantly deteriorated since it made its offer as the media market spirals downwards.
The final decision will rest with City regulator The Takeover Panel and there is no guarantee that it will let WPP out of the deal.
Commentators have pointed out the flaw in WPP's argument - the company increased its stake in Tempus after the September 11 attacks on the World Trade Centre. WPP upped its stake from its existing 22%, bought earlier this year for around 220p per share, to 26% at 555p.
French group Havas Advertising withdrew its offer as share prices collapsed on September 21 after the terror attacks in America. Its withdrawal left WPP's offer as the only one on the table.
WPP's bid values Tempus at £432m - far above Tempus' current, post-collapse value.
Tempus' management has already has recommended WPP's offer. They made their recommendation immediately following Havas' dramatic withdrawal from the race for the CIA-owning media group.
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