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.