THE battle for outdoor advertising space has stepped up a notch as APN Outdoor (ASX:APO) makes a last-ditch bid to secure the Adshel business from Here There & Everywhere (ASX:HT1).
APN has sweetened its offer for Adshel just a day after it received an unsolicited $1.1 billion takeover offer of its own from French billboard giant JCDecaux.
A key condition of the takeover is that APN does not proceed with its proposed acquisition of Adshel.
However, APN told the ASX yesterday that it continued to advance its due diligence of the Adshel acquisition.
This morning, APN stepped up its campaign with a $540 million scrip and cash offer for Adshel which is widely seen as a firm rejection of the JCDecaux takeover bid.
APN is offering $230 million in cash and 54.1 million APN shares to Here There & Everywhere shareholders for Adshel.
The $540 million price tag equates to 11 times earnings, although APN says it can create $15m of synergies over 18 months once Adshel is integrated into its business. Read more
Business News Australia – 22 June 2018