oOh!Media Ltd (ASX:OML) prepares rights issue to fund $550m Adshel offer

Credit: Franciso Diez

The battle for Adshel, the out-of-home advertising business owned by HT&E Ltd (ASX: HT1) took another dramatic twist over the weekend after oOh!Media Ltd (ASX: OML) submitted a $550 million all cash offer for Adshel.

That’s according to the Australian Financial Review which also reported that oOh!Media Ltd will engage Macquarie Capital which is part of Macquarie Group Ltd (ASX: MQG) to launch a rights issue to fund the purchase.

Competitor APN Outdoor Group Ltd (ASX: APO) which itself is subject to a $1.1 billion takeover offer from French advertising giant JCDecaux, has also bid for Adshel.

This won’t be the last time we hear this story as the advertising industry continues to consolidate.

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Motley Fool contributor Kevin Gandiya has no position in any of the stocks mentioned.

You can find Kevin on Twitter @KevinGandiya.

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