June 20, 2018 / 8:06 AM / 3 months ago

France's JCDecaux bids to buy Australia's APN Outdoor Group

June 20 (Reuters) - French advertising company JCDecaux said on Wednesday it had submitted an indicative and non-binding offer to buy Australia’s APN Outdoor Group Limited .

The company, which entered the Australian market in 2000 ahead of the Olympic Games with a street furniture contract in Sydney, said it offered 6.52 Australian dollars ($4.82) per share in cash, representing a premium of 30 percent over APN Outdoor’s six-month volume-weighted average price.

The offer is worth approximately 1.1 billion Australian dollars ($813.34 million).

APN is an Australian out-of-home media company, primarily operating in the large-format billboard segment as well as in the transit, rail and airport sectors, JCDecaux said.

“APN Outdoor would be complementary to JCDecaux’s existing out-of-home media assets in Australia, which are primarily in the street furniture segment,” the company said.

Advised by Goldman Sachs in this transaction, JCDecaux said no agreement had been reached between the parties yet and that there was no certainty any transaction would take place.

$1 = 1.3524 Australian dollars Reporting by Piotr Lipinski in Gdynia; editing by Jason Neely

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