APN Outdoor's board is expected to reject a $1.1 billion approach from JCDecaux when it meets on Thursday night, as some shareholders said the French giant would need to pay more to secure its sector rival.
Late on Wednesday, JCDecaux submitted an indicative non-binding proposal to acquire 100 per cent of APN Outdoor at $6.52 per share, or an 11 per cent premium to Wednesday's closing price of $5.85.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
