- APN Outdoor just received a $1 million takeover offer from global advertising billboard group JCDecaux SA.
- The $6.52 a share offer is unsolicited, non-binding and conditional.
- The board of APN has started an assessment of the proposal.
The France-based JCDecaux SA just offered $1 billion for Australia’s APN Outdoor.
The $6.52 a share offer is an 11.5% premium to yesterday’s closing price. In early trade, the shares jumped 12% to $6.57.
The board of APN Outdoor has started an assessment of the unsolicited, non-binding and conditional acquisition proposal.
JCDecaux SA is known for its bus-stop advertising systems, billboards and street furniture.
In 2017, APN posted a 9% lift in net profit to $44 million on revenue of $342.9 million.
Last year APN Outdoor looked at merging with oOh!media to created a billboard advertising group with a market capitalisation of $1.6 billion.
However, the ACCC (Australian Competition and Consumer Commission) through the merger would likely result in a substantial lessening of competition in out-of-home advertising services.
Currently APN is looking at acquiring outdoor advertising rival Adshel, a division of HT&E Limited, for about $500 million.
Today, APN says it is continuing with due diligence at Adshel Proposal which it believes is an “attractive opportunity”.
Business Insider Emails & Alerts
Site highlights each day to your inbox.