APN Outdoor lifts Adshel bid to $540m

Company News

by Rachael Jones

APN Outdoor Group (ASX:APO) has revised its proposal to acquire 100 per cent of the Adshel businesses in Australia and New Zealand, from Here, There and Everywhere (ASX:HT1) to $540 million.

This is $40 million higher than APN Outdoor's initial bid back in May.

The offer consists of $230 million in cash and APN Outdoor scrip of $310 million which would be distributed to HT&E shareholders.

Expected pre-tax cost synergies are of not less than $15 million per annum, phased in over 18 months.

It comes after the announcement of the non-binding proposal received from JC Deceaux to acquire APN Outdoor yesterday for $1.1 billion.

Shares in APN Outdoor Group (ASX:APO) closed 12.14 per cent higher to $6.56

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.