APN Outdoor Group (ASX:APO) has entered into a scheme implementation agreement whereby JCDecaux will acquire 100 per cent of the company’s issued share capital at a cash price of $6.70 per share.
The $1.2 billion dollar offer represents an 18 per cent premium to the stocks closing price on June 19.
The deal will be subject to approval by the Australian Competition and Consumer Commission and the Foreign Investment review Board.
If successful the acquisition will make JCDecaux the second largest outdoor advertising company in Australia.
Shares in APN Outdoor Group (ASX:APO) are in a Trading halt and last traded at $6.40.