ASX-listed out-of-home provider's bid tops that offered by oOh!Media earlier this week
The bidding war for Adshel is heating up. APN Outdoor Group has confirmed it’s put in a $500 million bid for rival out-of-home provider, Adshel, an acquisition it says would complement its Australian product offering.
The ASX-listed company confirmed today it had entered a confidential, indicative and non-binding proposal to acquire Adshel, a deal subject to a range of conditions and regulatory approval.
The deal is the second offer in as many days for Adshel, topping the $470 million now being offered by rival player, oOh!Media. This is the second such offer to be lodged by oOh!Media, presented after the group’s first attempt to buy Adshel from owner, HT&E, failed in April.
“Adshel’s street furniture business would provide an attractive complement to APO’s existing out-of-home product,” the company stated to the ASX. “APO also expects a range of value accretive cost synergies due to efficiencies in combining the two businesses.
“At this early stage, no agreement has been reached between the parties and there is no certainty that the proposal will result in any transaction.”
APN Outdoor manages more than 36,000 out-of-home units in locations nationally. Adshel, meanwhile, claims to have more than 15,000 touchpoints across Australia.
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