June 26, 2018 / 12:55 AM / 25 days ago

Australia's APN Outdoor recommends sweetened $830 mln offer from France's JCDecaux

June 26 (Reuters) - Australia’s APN Outdoor Group recommended on Tuesday a revised A$1.12 billion ($830.37 million) takeover bid from JCDecaux to its shareholders, which is about 3 percent higher than the French advertiser’s original bid.

“APN Outdoor’s Board of Directors unanimously recommend that APN Outdoor shareholders vote in favour of the Scheme, in the absence of a superior proposal,” the company said in statement.

The A$6.70 per share offer is at a 4.7 percent premium to APN shares’ closing level last week. It had called for a trading halt on Monday.

This comes after APN lost out in a bid for advertising firm Adshel on Monday, part of a series of deals in the lucrative Australian outdoor advertising market. ($1 = 1.3488 Australian dollars) (Reporting By Rushil Dutta in Bengaluru; Editing by Muralikumar Anantharaman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below