May 21, 2018 / 12:22 AM / 7 months ago

Australia's oOh!media offers $355 mln for HT&E's Adshel division

May 21 (Reuters) - Australia’s oOh!media Ltd said on Monday it had submitted an improved bid for media and entertainment firm HT&E Ltd’s Adshel division.

The improved indicative offer for the outdoor advertising division was submitted on April 30 and values Adshel at A$470 million ($355 million), the billboard firm said in a statement.

oOh!media added it remains ready to undertake due diligence on Adshel which could result in a binding offer.

The details of the initial offer made in April were not disclosed, with HT&E’s board saying only that the offer did not “adequately reflect” Adshel’s value to its shareholders.

$1 = 1.3294 Australian dollars Reporting by Aaron Saldanha in Bengaluru; Editing by Edwina Gibbs

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