APN Outdoor logo

APO - APN Outdoor News Story

A$6.69 0.0  0.0%

Last Trade - 18/10/18

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £195.5m
Position in Universe th / 1907

UPDATE 1-Australia regulator okays JCDecaux-APN, oOh!media-Adshel deals

Thu 23rd August, 2018 1:30am
(Adds background on deals, quote, share performance)
    Aug 23 (Reuters) - Australia's competition watchdog on
Thursday cleared the proposed acquisition of APN Outdoor
 APO.AX  by JCDecaux SA  JCDX.PA , as well as oOh!media's
 OML.AX  purchase of HT&E Ltd's  HT1.AX  bus stop advertising
business Adshel.
    Shares in the Australian listed companies jumped on the news
that the regulator would not stand in the way of the deals in
the fast consolidating market.
    Australian advertiser Ooh!Media in June outbid rival suitor
APN Outdoor for Adshel. APN had itself received a takeover offer
from French advertiser JCDecaux.  urn:newsml:reuters.com:*:nL4N1TS09R
    The blessing by the Australian Competition and Consumer
Commission represents the final hurdle in the sale of Adshel,
which is expected to close by the end of September, HT&E said in
a statement.
    French advertiser JCDecaux had struck a deal to buy APN
Outdoor in late June with a sweetened A$1.12 billion ($819
million) offer.
    "We expect FIRB (Foreign Investment Review Board) and OIO
(New Zealand Overseas Investment Office) approval to follow
ahead of a shareholder vote in October and implementation before
the end of the year," APN Chief Executive James Warburton said
in a statement.
    If the deal goes through, JCDecaux will become Australia's
biggest outdoor ad firm, expanding its reach in a market where
digital ad boards are delivering double-figure sales growth and
"Out-of-Home" adverts reach 93 percent of people in the top five
cities. 
    APN shares surged over 7 percent to its best level in more
than two years, in a 0.1 percent higher broader market.  .AXJO  
    oOh!media shares jumped 11.2 percent while HT&E added 11.7
percent to its highest since January 2017.
    

($1 = 1.3669 Australian dollars)

 (Reporting by Devika Syamnath in Bengaluru; editing by Richard
Pullin)
 ((Devika.Syamnath@thomsonreuters.com; +91 80 6749 1130; Reuters
Messaging: Devika.Syamnath.thomsonreuters.com@reuters.net))
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