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From perlvar, undefining the input record separator causes <> to read an entire file at a time. And from perlvar, $& is the string matched by the regex <a\s+href.*?/refrnc/.*?>.*?</a>.

I also...

perl -i -pe '
BEGIN{undef $/;}$bak=$_;
while ($bak=~m/<A\s+HREF.*?<\/A>/gs){$x=$y=$&; $y=~ s/\s+/ /g; $_=~s/$x/$y/gs;}
' temp.txt