The Federal Court of Australia has approved the despatch of a scheme booklet to APN Outdoor shareholders in relation to JCDecaux’s acquisition of its outdoor rival.
The Court has also ordered that a meeting of APN Outdoor shareholders be convened to consider and vote on the scheme. The scheme booklet will be sent to APN Outdoor shareholders by Thursday.
The implementation of the scheme remains subject to the approval by APN Outdoor shareholders and to the satisfaction or waiver (as applicable) of certain other conditions.
These include approval by the Foreign Investment Review Board and the New Zealand Overseas Investment Office, and other customary conditions.
APN Outdoor shareholders will vote on the scheme at the meeting, which will be held at 10am (AEST) on Monday 15 October at PwC in Sydney.
The key events and the expected timing in relation to the approval and implementation of the scheme are set out in the table below.
The Federal Court’s decision comes after the Australian Competition and Consumer Commission gave the green light for both JCDecaux’s acquisition of APN Outdoor and oOh!media’s acquisition of Adshel last month.