APN News & Media has revealed a 5.3% stake in Ooh!Media, just weeks before Ooh!Media shareholders are due to vote on a $163 million takeover offer.
APN has increased its stake from 4.9% to 5.3%, generating speculation about how the company will vote on Champ Private Equity's $163 million takeover offer.
Shareholders only have to publicly reveal their stake if they have 5% holding in a company, so this marks the first time APN has had to reveal its interests in Ooh!Media. The ASX has today released documents indicating APN News & Media has increased its stake.
The timing is interesting, as the play has been made only weeks before Ooh!Media shareholders are set to vote on the $163 million takeover bid by Champ Private Equity.
An APN spokeperson told AdNews, “APN likes the outdoor sector, and saw the opportunity to buy more shares in a sector it feels strongly about.
“APN, like all other shareholders, is in discussions about the takeover offer. No decision has been made as of yet.”
Champ made its bid in November.
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