APN Outdoor and oOh!media scrap proposed merger

Company News

by Jessica Amir

APN Outdoor Group (ASX:APO) and oOh!media Limited (ASX:OML) have announced their proposed merger has been scraped.

The out-of-home and online media groups say, the merger will not be going ahead following the Australian Competition and Consumer Commission’s (ACCC) view that the merger would result in substantially lessening competition in the market.

Both APN Outdoor Group and oOh!media disagree with ACCC’s views and say the commercial reality of the proposed merger would be appropriate, as it would enhance the development of out-of-home advertising in Australia.

The companies also say in light of ACCC’s intervention, it would also represent unacceptable risk to a successful merger.

Shares in APN Outdoor Group (ASX:APO) last traded at $4.93 while oOh!media Limited (ASX:OML) last traded at $4.43.
 

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.