The Foreign Investment Review Board (FIRB) has approved JCDecaux’s acquisition of APN Outdoor.
FIRB clearance means the two outdoor parties are one step closer to closing the deal.
In a statement posted to the ASX, an APN Outdoor spokesperson said: “APN Outdoor is pleased to announce that on 25 September 2018 the FIRB provided written notice that the Commonwealth has no objection to the proposed acquisition of a 100 per cent interest in APN Outdoor by JCDecaux SA, via its wholly owned subsidiary JCDecaux ANZ Pty Ltd, by way of a scheme of arrangement (Scheme).
According to APN Outdoor, the implementation of the “Scheme” remains subject to a number of conditions, including approval of APN Outdoor shareholders at the Scheme Meeting, court approval, and the New Zealand Overseas Investment Office approval.
As well as this, the satisfaction or, where capable, waiver of certain other customary conditions as outlined in the Scheme Implementation Agreement lodged with the ASX on 26 June 2018.
The statement added: “The Board of Directors of APN Outdoor continues to unanimously recommend that APN Outdoor shareholders vote in favour of the Scheme at the upcoming Scheme Meeting to be held on 15 October 2018, in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of APN Outdoor shareholders.
“Subject to the same qualification, each APN Outdoor Director intends to vote all APN Outdoor shares held or controlled by them in favour of the Scheme.”