Outdoor media behemoth oOh!media has not given up on its quest for Adshel, offering almost half-a-billion dollars to acquire the rival company.
The move was revealed in a statement to oOh!media shareholders this morning amid media speculation that the company had submitted a revised offer to acquire Adshel, following its initial rejected offer last month.
The statement said oOh!media submitted the revised confidential, non-binding offer on Monday 30 April parent Here, There & Everywhere (HT&E), valuing Adshel at $470 million.
“Although the improved indicative offer has not to date been accepted by HT&E, OML remains ready to proceed with a period of exclusivity to undertake due diligence which may permit OML to submit a binding offer to Adshel,” it said.
“There is no certainty that the improved indicative offer will result in a transaction.”
The announcement comes after HT&E has advised shareholders last week that it was not aware of any discussions regarding a takeover bid for the company.