Sir Martin Sorrell, the WPP CEO, has already asked to see the trading information but he has been turned down by Tempus. Tempus argues it is sensitive information, which can not be handed over to a competitor.
WPP is arguing that if Tempus does not disclose the information, the panel can not come to a correct conclusion without all the facts. A judicial review of any decision made would see the saga move to the courts and a messy and protracted case ensue.
WPP yesterday extended its offer for Tempus until Monday November 5 making it the third time it 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 week, 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, which meets today.
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.
It is for this reason that it has asked to see the trading information. It believes that Tempus has been seriously hit by the downturn and the events of September 11. It has asked to see data relating to the last three months. It has been suggested that Tempus has used overly generous exceptional charges to account for its job-cutting programme.
Tempus has already made its own submission arguing why it believes that there were no grounds for allowing WPP to invoke the clause.
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