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HT&E Ltd share price zooms as oOh!Media Ltd make play for Adshel

Credit: Franciso Diez

News and media company HT&E Ltd (ASX: HT1) has rejected a bid by oOh!Media Ltd (ASX: OML) to sell off its street furniture advertising brand Adshel.

Shares in HT&E stormed up 7.9% to $2.03 at the time of writing as the HT&E board today announced the oOh!Media Ltd offer “did not reflect value for shareholders”.

HT&E’s Adshel division pitched in $199.8 million in revenue for the FY17 according to results handed down in February 2018 so it is unlikely HT&E will offload it without a pretty sweet deal on offer.

HT&E has sported a lower share price for some time as media stocks have struggled across the board, with its share price dropping 21% from $2.60 at this time last year taking into account the huge rise today.

Morgans this week upgraded FY19 guidance for outdoor advertising competitor APN Outdoor Group Ltd (ASX: APO), with a price target of $4.86 on the stock which was down 0.9% to $5.01 at the time of writing.

Online advertising cousins REA Group Limited (ASX: REA) and Domain Holdings Australia Ltd (ASX: DHG) struggled to book gains with REA Group shares down 0.2% to $76.64 and Domain also down 0.3% to $3.05 today.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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