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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 £192.0m
Position in Universe th / 1911

UPDATE 1-Australia's APN Outdoor accepts sweetened $830 mln offer from France's JCDecaux

Tue 26th June, 2018 2:32am
(Adds details of deal and comments from APN and JCDecaux)
    June 26 (Reuters) - Australian billboard firm APN Outdoor
Group  APO.AX  accepted on Tuesday a revised $830 million
takeover offer from French advertiser JCDecaux  JCDX.PA ,
sealing the biggest deal in  Australia's outdoor ad market that
has seen a merger frenzy.
    JCDecaux offered A$6.70 per APN share, or A$1.12 billion
($830.37 million), in the sweetened bid, which is about 3
percent higher than its original offer and is at a 4.7 percent
premium to APN shares' closing level last week.
    “The JCDecaux Scheme is an attractive, all-cash transaction.
The APN Outdoor Board has unanimously concluded that the Scheme
represents a compelling transaction for APN Outdoor
shareholders,” APN Outdoor Chairman Doug Flynn said in
statement.
    APN's acceptance of the JCDecaux offer comes a day after the
Australian company lost out in a bid for advertising firm
Adshel, part of a series of deals in the lucrative Australian
outdoor advertising market.  urn:newsml:reuters.com:*:nL4N1TQ0PP
    Jean-François Decaux, co-chief executive officer of
JCDecaux, said in a statement APN is "very complementary to our
existing street furniture assets".
    Four firms control 97 percent of the A$900 million industry
in Australia and, with digital ad boards dramatically lifting
their earnings potential, they looked at deals in an M&A rush
that drew close scrutiny from regulators.
    APN's board also intended to declare a fully franked special
dividend of up to A$0.30 per share, or A$50 million in total,
before the completion of the deal, the company said, adding the
scheme is expected to be implemented in the fourth quarter of
2018.
    The takeover is subject to approval by regulators and
Australia's Foreign Investment Review Board.
($1 = 1.3488 Australian dollars)

 (Reporting By Rushil Dutta in Bengaluru and Tom Westbrook in
Sydney; Editing by Muralikumar Anantharaman)
 ((rushil.dutta@thomsonreuters.com; +91-80-6749-1130; Reuters
Messaging: rushil.dutta.thomsonreuters.com@reuters.net))
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