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