APN Outdoor Group has announced that shareholders today approved by the requisite majorities the scheme of arrangement under which JCDecaux SA, via its wholly owned subsidiary JCDecaux ANZ Pty Ltd, will acquire 100% of the issued share capital of APN Outdoor (Scheme).
Voting Results
The resolution to approve the scheme, as set out in the Notice of Meeting that was despatched to APN Outdoor shareholders together with the Scheme Booklet on September 13, 2018 was approved by the requisite majorities of APN Outdoor shareholders.
At the meeting 95.50% of APN Outdoor shareholders (in person or by proxy) voted in favour of the takeover.
Implementation of the Scheme
The scheme remains subject to approval by the Federal Court of Australia (NSW) in order to be implemented. APN Outdoor has applied to the Court for approval of the scheme at a hearing scheduled for Thursday October 18, 2018.
If the court approves the scheme, APN Outdoor proposes to lodge the order of the court with the Australian Securities and Investments Commission on Thursday October 18, 2018.
If approved by the court, APN Outdoor shares will cease trading on the Australian Securities Exchange (ASX) from the close of trading on Thursday October 18, 2018.
After the vote, APN Outdoor chief executive officer and managing director James Warburton said:
“Today’s vote in favour of the acquisition of APN Outdoor by JCDecaux is a great result for our staff, shareholders and partners. The $6.70 a share all-cash offer for APN Outdoor represents a record valuation for outdoor industry transactions in Australia and New Zealand and a strong premium to where APN Outdoor shares were trading just two months before the offer was received.
“The valuation and share price premium highlight how far we have come in improving APN Outdoor’s performance and is a testament to the hard work, enthusiasm, commitment and talent of all our executives and staff.
“Being part of the global powerhouse that is JCDecaux is going to create many exciting opportunities for APN Outdoor and our staff. JCDecaux is the #1 outdoor advertising company in the world, with operations in 80 countries, 1.07 million advertising panels worldwide, annual revenue of about 3.5 billion euro and 13,040 employees. It is a company with a proven reputation for using its vast resources to drive innovation and creativity.”