oOh!media has acquired Here, There & Everywhere-owned Adshel for $570 million.
The move follows a bidding war between oOh!media and APN Outdoor for the outdoor street furniture business.
In April, Here, There & Everywhere (HT&E) received a revised offer of $470 million from oOh!media for Adshel, however, HT&E claimed it wasn’t the “most attractive” one on the table.
“HT&E had offered to engage with [oOh!media] to enable it to more appropriately value Adshel so as to improve their price, including by providing further due diligence financial information subject to execution of a confidentiality agreement and on a non-executive basis,” the statement read.
At the exact same time, APN Outdoor released a statement on the ASX saying it had also submitted an offer for Adshel worth $500 million.
APN Outdoor then offered $540 million for Adshel late last week, hours after APN Outdoor had itself been bid on by global outdoor company JCDecaux.
A formal ASX release will be posted online tomorrow (Monday) morning.
It is likely Adshel will be absorbed into oOh!media, leaving HT&E with only radio assets.
More to come.
This International Women’s Day, CARE Australia will celebrate women as global change-makers amid increasingly frequent conflicts and climate-related crises, with Ashleigh Streeter-Jones, Natalie Kyriacou OAM, and Justine Cullen spearheading the initiative as ambassadors. Lead image: Ashleigh Streeter-Jones In its third consecutive year, the ambassadors will champion CARE Australia’s Her Circle initiative, which recognises that: when […]
Warner Brothers Discovery’s Newshub is set to close its doors in June 2024, leaving up to 300 staff, including high-profile presenters Mike McRoberts and Samantha Hayes, out of a job. In a statement today, Warner Bros. Discovery said it had started consultation on a “proposed remodelling and restructure of its ANZ free-to-air business in New […]
Australian Turf Club invites racing lovers across Australia to Expect It All with the launch of the latest creative campaign to highlight the racing on offer in Sydney at Rosehill Gardens and Royal Randwick. The campaign, which will officially launch ahead of this year’s Sydney Autumn Racing Carnival, highlights the wide range of incredible experiences […]
Something insane swept to New Zealand as finals approached last year. “Wahs Mania” took hold, and hope was ignited in the hearts of Kiwis who mostly didn’t usually care about League. Sadly, the Warriors didn’t make it through to the grand final, but the clubs following saw a massive increase nonetheless. Welcome back to B&T’s Spotlight […]
Avid Collective has officially announced the appointment of former Scout Publishing and Junkee Media executive Niki Jones (lead image) as its new head of enablement operations. In the newly created role, Jones will be responsible for overseeing operational activities across various arms of business with a focus on partner engagement. “Niki’s appointment comes at an […]