Here, There & Everywhere (HT&E) has advised shareholders that it is not aware of any discussions regarding a takeover bid for the company.
In a statement on the Australian Securities Exchange, HT&E also denied the company would be entering into a trading halt.
“The board and management team are clear that the best interests of the company as a whole is at the centre of what we do,” the statement said.
“After a number of years of transformation, our focus is on operating the company and driving synergy benefits between the divisions.
“We have a number of highly attractive media assets, including radio and outdoor. Adshel is a very valuable asset – both to other parties and as part of the HT&E group.
HT&E said it has appointed advisers and is willing to engage on any proposal that offers compelling value for shareholders.
Last month, HT&E declined an offer from oOh!media to acquire Adshel.
HT&E has also announced that Anne Templeman-Jones has resigned as a director of the company’s board, after being appointed in 2013.
Templeman-Jones served as chair of HT&E’s audit and risk committee for over four years and was a member of the remuneration committee.
HT&E chairman Peter Cosgrove said: “I would like to thank Anne for her hard work and dedication to helping the company achieve its objectives over the last five years. HT&E is in a much stronger place for her contribution and her input has been invaluable.”
Commenting on her departure, Templeman-Jones said: “I can proudly say that we have delivered an outcome that has resulted in a company with a unique combination of valuable assets in outdoor and radio.”