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Bidding war for HT&E’s Adshel

Wednesday, 23 May 2018
By Print21

APN Outdoor has lodged a $500 million bid for HT&E’s outdoor advertising business Adshel after rival oOh!media improved its initial offer to $470 million.

“Adshel’s street furniture business would provide an attractive complement to APO’s existing Out- of-Home product offering,” APN Outdoor said in a statement to the ASX. “APO also expects there are a range of value accretive cost synergies due to efficiencies in combining the two businesses.”

oOh!media this week improved its initial offer of $400 million-$450 million after it was rejected by HT&E.

HT&E said it had offered to engage with oOh!media “to enable it to more appropriately value Adshel so as to improve their price, including by providing further due diligence financial information subject to execution of a confidentiality agreement and on a non-executive basis.”

The new offer is $470 million.

Adshel’s outdoor assets include 3,000 digital advertising screens, 13,000 street furniture signs and 2,000 ‘classic’ panels.

In 2016, oOh!media and APN Outdoor proposed a $1.6 billion merger deal that was rejected by corporate regulator the ACCC over competition concerns. APN News Media – now known as HT&E – previously owned APN Outdoor.

 

 

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