Original article by Bridget Carter
The Australian – Page: 29 : 22-Jun-18
APN Outdoor Group has advised shareholders to take no action at present regarding JCDecaux’s $A1.1bn takeover bid. Dion Hershan of Yarra Capital has described the cash offer of $A6.52 per share as "opportunistic". Shares in the out-of-home advertising group closed 12.14 per cent higher at $A6.56 on 21 June. Based on APN’s current valuation, the offer represents an 11.5 per cent premium to its closing share price on 20 June, and it is believed that a premium of 30 per cent will be required for APN directors to endorse the bid.
APN OUTDOOR GROUP LIMITED – ASX APO, JC DECAUX SA, YARRA CAPITAL PARTNERS PTY LTD, APN OUTDOOR GROUP LIMITED – ASX APO, CADENCE ADVISORY, ADSHEL PTY LTD, HT&E LIMITED – ASX HT1