APN Outdoor has thrown its hat into the Adshel ring, confirming a $500 million bid for HT&E's outdoor street furniture specialists as a bidding war with rival Ooh!Media heats up.
The non-binding proposal is subject to a range of conditions, including due diligence, definitive agreements and regulatory approval.
In a statement to the Australian Stock Exchange, APN said it considers the acquisition of Adshel an "attractive complement" to its existing out-of-home product offering.
Yesterday, Ooh!Media confirmed it had returned with an improved $470 million bid to acquire Adshel after an initial offer of between $400 million to $450 million was turned down.
Adshel's network of outdoor assets include 3,000 digital advertising screens, 18,000 touch points, 13,000 street furniture signs and 2,000 panels.
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