APN Outdoor takeover gets FIRB approval

Company News

by Anna Napoli

The proposed takeover of APN Outdoor (ASX:APO) by JCDecaux has received the tick of approval from FIRB.

The implementation of the scheme of arrangement remains subject to a number of conditions, including APN Outdoor's shareholder approval, court approval and the New Zealand Overseas Investment Office approval.

The board of APN continues to unanimously recommend that shareholders vote in favour of the Scheme, in absence of a superior proposal at the October 15 meeting.

JCDecaux made a $1.2 billion dollar offer for the outdoor ad company in June with a share bid price of $6.70.

Shares in APN Outdoor (ASX:APO) closed up 0.08 per cent to $6.67.