Ooh Media APN Outdoor merger cancelled following ACCC concerns
Ooh Media Limited and APN Outdoor have walked away from their blockbuster $1.6b merger just two weeks after the competition watchdog said it would likely stand in the way of the deal.
A statement to the ASX this morning from both outdoor companies confirmed the merger had been terminated as the ACCC’s indicative intervention presented an “unacceptable risk”.
Ooh Media CEO Brendon Cook told Mumbrella the two companies had decided they did not want to enter a protracted battle with the competition watchdog.
Derr
A “disappointed” Cook looks like a happy Cook..
“UBS and Cadence Advisory both advised APN, while Highbury Partnership and Macquarie Capital advised oOh!media.”
“Lawyers Gilbert and Tobin advised APN and Herbert Smith Freehills advised oOh!media.”
NoOh!
Really – did anyone think this would actually happen? #notevennews #onlythelawyerswonanything