Adshel bidding contest to continue following APN Outdoor’s $540 million offer says HT&E

HT&E is to continue the bidding contest for its Adshel out-of-home division following this morning’s increased $540 million offer from APN Outdoor.

In a statement to the ASX this afternoon, HT&E’s board said it expects to receive offers from other parties after APN increased its bid by $60 million to counter the offer made by Ooh Media in May.

The Adshel bidding war started in April when out-of-home advertising company Ooh Media made a $470 million offer for the company, which was rejected as too low by HT&E’s board.

Shortly after the initial rejection, Ooh increased its offer to $480 million.

Following Ooh’s revised offer, APN Outdoor entered the fray in May with a $500 million dollar bid.

This morning’s $540 million offer by APN indicates the Adshel business is by far the biggest asset of the entertainment holding group, whose other businesses include the Australian Radio Network, Conversant Media, content marketing service Emotive and HT&E Events.

HT&E’s shares rose 4% today to $2.44 following APN Outdoor’s announcement, valuing the entire group at $754 million.

In its stock market advice, HT&E’s board noted APN Outdoor’s proposal is subject to a number of conditions and is not a binding offer for Adshel. It is yet to see the final terms of the bid.


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