Latest offer to acquire ASX-listed APN Outdoor Group marks a series of offers in the out-of-home supplier space
The battle for out-of-home advertising supremacy has stepped up another notch, with APN Outdoor Group confirming a $1.09 billion bid for its business from JCDecaux (JCD) – but only if it drops plans to buy Adshel.
The ASX-listed parent company (ASX: APO) confirmed it had received an unsolicited, non-binding offer from its rival to acquire 100 per cent of issued share capital in the organisation at $6.52, or a total of $1.088 billion. The deal is conditional on APO not pursuing its proposed $500 million acquisition of third rival, Adshel, which was lodged in May.
In addition, the offer is conditional on a six-week due diligence period, implementation of the acquisition via a scheme of arrangement, a requirement that APO’s board agrees unanimously to recommend the sale to shareholders, and regulatory approval.
In a statement, APO highlighted the appeal of its own proposal lodged on 22 May to acquire 100 per cent of Adshel in Australia and New Zealand for $500 million, and said it’s working to advance due diligence with a view to agreeing to a transaction with Adshel’s parent company, HT&E.
“APO believes that the Adshel proposal is an attractive opportunity for the company and its shareholders,” the company stated. However, it warned no agreement has yet been reached, leaving the Adshel deal more of an if, not a when.
“The board of APO has commenced an assessment of the JCD proposal and will keep the market informed of any material developments in accordance with its continuous disclosure requirements,” the company stated, adding APO shareholders do not need to take any further action at this stage.
APN’s bid for Adshel came just days after rival player, oOh!Media, lodged its second, $470 million bid for the business. An earlier bid was rejected by HT&E in April.
Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+:google.com/+CmoAu
Welcome to Launch Marketing Council’s new 3-part series focused on unlocking the secrets of launching brands, products and service by exploring real-life examples from Australia’s marketing elite, in conjunction with the independent agency Five by Five Global.
In early 2020, I had the pleasure of staying at the newly opened Fullerton Hotel in Sydney. It was on this trip I first became aware of the Fullerton’s commitment to brand storytelling.
If you’ve been around advertising long enough, you’ve probably seen (or written) a slide which says: “They won’t remember what you say, they’ll remember how you made them feel.” But it’s wrong. Our understanding of how emotion is used in advertising has been ill informed and poorly applied.
The launch of a new brand, or indeed a rebrand, is a transformation to be greeted with fanfare. So why is it that once the brand has launched, the brand execution phase can also be the moment at which you kill its creativity?
It's an interesting direction, and fair play that they've backed what their service differentiator in the market is. It's a bit clunky bi...
Jeff
Versa launches bot-activated website
Algorithms that can make sense of unstructured data is the future. It's great to see experts in the field getting together to discuss AI.
Sumit Takim
In pictures: Harnessing AI for customer engagement - CMO roundtable Melbourne
Real digital transformation requires reshaping the way the business create value for customers. Achieving this requires that organization...
ravi H
10 lessons Telstra has learnt through its T22 transformation
thanks
Lillian Juliet
How Winedirect has lifted customer recency, frequency and value with a digital overhaul
Having an effective Point of Sale system implemented in your retail store can streamline the transactions and data management activities....
Sheetal Kamble
Jurlique’s move to mobile POS set to enhance customer experience