Thanks Hari for your quick reply. But the command that you suggested appended the tempfile. As I mentioned "file*" is being overwritten and what I need to capture is the latest content of 'file*' before it is deleted, without being appended to tempfile.

The command that I used earlier -> while true; do cat file* > tempfile; done; or
while true; do cat file* > tempfile 2>/dev/null; done;
doesn't write anything into tempfile.