APN Outdoor Outbids oOh!media With $500m Offer For HT&E’s Adshel

APN Outdoor Outbids oOh!media With $500m Offer For HT&E’s Adshel
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It appears Adshel is hot property in the out-of-home media world, APN Outdoor now coming to the bidding table with a whopping $500 million offer.

After receiving oOh!media’s revised offer of $470 million for Adshel, parent company Here, There & Everywhere (HTE) said in a statement to shareholders last night that it had received another offer, and that oOh!media’s wasn’t the “most attractive” one on the table.

“HT&E had offered to engage with [oOh!media] to enable it to more appropriately value Adshel so as to improve their price, including by providing further due diligence financial information subject to execution of a confidentiality agreement and on a non-executive basis,” the statement read.

At the exact same time, APN Outdoor released a statement on the ASX saying that it was in fact the company that had submitted an offer for Adshel, which it confirmed this morning was worth $500 million.

“Adshel’s street furniture business would provide an attractive compliment to [APN Outdoor]’s existing out-of-home product offering,” the statement read.

“At this early stage, no agreement has been reached between the parties and there is no certainty that the proposal will result in any transaction.”

It was only in late 2016 that oOh!media and APN Outdoor proposed a $1.6 billion merger, which was later scrapped after the ACCC expressed competition concerns.

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