$1.12b bid for APN Outdoor

APN Outdoor looks set to be acquired by JCDecaux after the France-based outdoor advertising giant raised its bid to $1.12 billion.

JCDecaux has lifted its allcash offer for the billboards and outdoor advertising group from $6.52 per share to $6.70, clinching the unanimous approval of the APN Outdoor board.

APN Outdoor chief executive James Warburton said the bid reflected APN’s strong performance.

The offer represents an 18 per cent premium to the share price on June 18, prior to JCDecaux’s interest being made public, and is 30 cents higher than its most recent value of $6.40.

The path was cleared for JCDecaux this week when oOh!Media beat APN Outdoor to acquire Adshel from rival Here, There and Everywhere for $570 million. Not buying Adshel had been a condition of JCDecaux’s initial offer.