SYDNEY, Dec 14 (Reuters) - Australian billboard company APN Outdoor Group Ltd APO.AX plans to buy rival oOh!Media Ltd OML.AX in deal that values the target at A$735 million ($550.29 million), the companies said on Wednesday.
The Sydney-listed companies said APN plans to give oOh!Media shareholders 0.83 APN share for every oOh!Media share they own, amounting to A$4.48 per share based on Tuesday's closing price, a 3 percent premium to oOh!Media's last trade. ($1 = 1.3356 Australian dollars)