HT&E Limited (ASX:HT1) has confirmed speculation that it has received a non-binding indicative offer from oOh!media Limited (ASX:OML).
The offer relates to the company’s out of home advertising division, Adshel.
Out of home advertising includes street furniture such as bus stops and public transport such as railway stations.
HT&E board does not like the offer
The HT&E board has assessed the offer and determined it does not adequately reflect the value of Adshel to HT&E shareholders.
The company presented its full-year results in February 2018, which were in line with guidance, $472.3 million revenue and $118.4 million EBITDA.
Of that, the Adshel division contributed $199.8 million revenue and $51.5 million EBITDA.
Assuming current market conditions continue, HT&E remains confident it will achieve, and may exceed, current analyst 2018 EBITDA consensus estimates of between $113-114 million.
HT&E is formerly APN News & Media
HT&E stands for Here, There & Everywhere and is a media and entertainment with diverse assets in Australia, New Zealand and Hong Kong.
Formerly listed as APN News & Media, HT&E reflects the company’s portfolio of leading, high quality metropolitan media assets across radio, outdoor and digital.
It marks a more strategic and integrated collaboration across its businesses of Australian Radio Network (ARN), Adshel, Conversant Media, Emotive and HT&E Events.