Adrian J Cotterill, Editor-in-Chief
APN Outdoor Group (ASX:APO) recently revealed that it offered AUS $500 million for Adshel currently owned by Here There & Everywhere (ASX:HT1) and operator of Australia’s largest street furniture advertising network.
HT1, formerly known as APN News & Media, revealed back on April 11, 2018 that Ooh!media (ASX:OML) had made an offer of AUS $470 million.
That initial bid was rejected by the board. APN Outdoor says the proposal is subject to a range of conditions, including due diligence and regulatory approvals from the ACCC and the NZCC.
No doubt Adshel’s Street Furniture business would work well alongside APN Outdoor Group’s existing assets.
Adshel’s advertising reach includes 13,000 street furniture locations such as bus stops and railway stations, 3000 digital screens and 2000 7-Eleven panels.
Adshel reported revenue growth of 7.5 per cent to $222 million in FY17 despite losing a key Yarra Trams contract.
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