French advertising company JCDecaux said it had submitted an indicative and non-binding offer to buy Australian peer APN Outdoor Group Limited.
The company, which entered the Australian market in 2000 ahead of the Olympic Games with a street furniture contract in Sydney, said it offered A$6.52 million ($4.82 million) per share in cash, representing a premium of 30 percent over APN Outdoor’s six-month volume-weighted average price.
The offer is worth approximately A$1.1 billion ($813.34 million).
JCDecaux said APN Outdoor would be complementary to the company's existing out-of-home media assets in Australia, which are primarily in the street furniture segment.