* Says proposal subject to regulatory approvals
* oOh!media’s offer not in best interests - HT&E (Updates with APN’s offer for Adshel)
By Chandini Monnappa
May 21 (Reuters) - Australia’s APN Outdoor Group Ltd said on Monday it had offered to buy media company HT&E’s outdoor advertising division, hours after the latter said oOh!media’s sweetened offer was not in its best interests.
oOh!media earlier confirmed media speculation that it had raised its bid for HT&E’s Adshel, to $470 million ($355 million), and said it was ready to undertake due diligence which could lead to a binding offer.
HT&E, however, said oOh!media’s offer was “not the most attractive offer, not in best interests of the company, and does not offer compelling value for shareholders”.
The details of the initial offer made by oOh!media in April were not disclosed, with the HT&E board saying that the offer did not adequately reflect Adshel’s value to its shareholders.
HT&E said it had offered to engage with oOh!media to more appropriately value Adshel, but this was declined.
APN Outdoor said its proposal was subject to a range of conditions, including regulatory approvals from relevant authorities in Australia and New Zealand, and that no agreement had been reached.
HT&E and APN were not immediately available for comments.
$1 = 1.3280 Australian dollars Additional reporting by Aaron Saldanha & Susan Mathew in Bengaluru; Editing by Darren Schuettler and Subhranshu Sahu