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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