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HT&E rejects oOh!media bid for Adshel

Thursday, 12 April 2018
By Print 21 Online Article

Here, There & Everywhere (HT&E) – formerly APN News & Media – has rejected an offer from oOh!media to buy its Adshel outdoor advertising business.

HT&E told the ASX yesterday that its board had assessed a non-binding offer from oOh!media to buy its out-of-home division Adshel but determined “it does not adequately reflect the value of Adshel to HT&E shareholders.”

The company said Adshel’s Q1 revenue was on track with an update provided in February and bookings suggested a similar outcome in Q2.

Ongoing initiatives including the reinstatement of Adshel Live nationally, the launch of Metro Trains Melbourne over the next four to six weeks, and continued digitization of the street furniture network ensures Adshel remains a key operator in the out of home landscape, particularly in Melbourne.

HT&E said that assuming current market conditions continue, it remains confident the company will achieve current 2018 EBITDA estimates of between $113m-$114m.

In response, oOh!media today told the ASX that although its offer had been declined it would continue to look for new opportunities to expand. 

In addition to organic growth, OML has a long history of securing new contracts and successfully sourcing and integrating strategic acquisitions and bolt-on opportunities, and remains active in continuing to evaluate all opportunities that enhance shareholder value.

There’s also speculation the company could put forward a second bid for Adshel.

In May 2017, APN Outdoor and oOh!media called off a proposed $1.6 billion merger deal after the ACCC released a statement of issues expressing ‘preliminary concerns.’

Meanwhile, advertising magnate John Singleton is hoping to earn $60 million from the sale of 17 billboards around Sydney Airport, according to a report in The Sydney Morning Herald.

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