APN Outdoor ups Adshel bid to $540 million

June 22, 2018 8:33

The bidding war for Adshel has taken another turn with APN Outdoor increasing its bid to $540 million this morning.

APN Outdoor’s bid is an increase on its $500 million offer last month, which followed Ooh Media’s $470 million bid for the company a few weeks earlier.

The revised offer sees APN offering 54.1 million shares, valued at $310 million, and $230 million in cash for 100% of the HT&E owned company.

In its announcement to the ASX this morning, APN Outdoor – itself subject to a $1.2 billion takeover bid from French out-of-home giant JC Decaux – said it will fund the cash component of the offer by taking on further debt.

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Paul Wallbank

Paul Wallbank was news editor at Mumbrella between June 2017 and June 2019. Previously he's covered business and technology issues for outlets ranging from The Australian and Sydney Morning Herald to the ABC and Business Spectator.

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