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 bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.