Here, There & Everywhere (HT&E) has announced it has rejected an offer from oOh!media to acquire its out-of-home business, Adshel.
In a statement to shareholders yesterday afternoon, HT&E confirmed it had received a confidential, non-binding indicative offer from oOh!media for Adshel.
“The HT&E board has assessed the offer and determined it does not adequately reflect the value of Adshel to HT&E shareholders,” the statement said.
In recognising HT&E’s decision to decline its offer, oOh!media said in a statement: “In addition to organic growth, OML has a history of securing new contracts, and successfully sourcing and integrating strategic acquisitions and bolt-on opportunities, and remains active in continuing to evaluate all opportunities that enhance shareholder value.”
This is not the first time oOh!media has shown interest in joining forces with a rival outdoor company, having announced a proposed $1.6 billion merger with APN Outdoor in late 2016, which was later scrapped after the ACCC expressed competition concerns.
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