SportBusiness.com

WPP can't withdraw Tempus bid, says ruling

The UK Takeover Panel has ruled against advertising giant WPP Group’s plea to withdraw the group's £436million ($621m/B

WPP has tried to withdraw the offer claiming there had been a "material adverse change" in its business since the September 11 attacks.

Tempus owns Total Sponsorship, the European event marketing and broadcast sponsorship division with clients like Norwich Union and Vodafone; and Outrider, the digital media production and advisory business.

The two divisions were formerly headed up by David Stubley, who recently moved to Sports Resource Group, to create a consulting division.

Although the sports marketing business is only a small part of the Tempus offering, Stubley told sportbusiness.com