(Adds background on oOh!media offer, share price reaction)
May 22 (Reuters) - Australia’s APN Outdoor Group Ltd confirmed on Tuesday it had submitted a bid to buy HT&E’s outdoor advertising unit, Adshel, for an enterprise value of A$500 million ($379.05 million).
APN’s proposal comes after HT&E said on Monday oOh!media’s sweetened A$470 million offer for Adshel was not the “most attractive”. HT&E had offered to engage with oOh!media to more appropriately value Adshel, but this was declined.
“Adshel’s Street Furniture business would provide an attractive complement to APO’s existing Out-of-Home product offering,” APN said in a statement.
APN on Monday confirmed media speculation regarding its bid to acquire Adshel, but had not disclosed details of the offer.
APN said it hasn’t reached an agreement for the proposed acquisition.
Shares of APN were down as much as 1.9 percent, while HT&E shares jumped 7 percent. ($1 = 1.3191 Australian dollars) (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Muralikumar Anantharaman)