Media company HT&E denies takeover talk by Ooh!Media

Media company HT&E denies takeover talk by Ooh!Media

Media company HT&E (ASX: HT1) has denied reports that it is considering a full takeover bid from Ooh!Media and could enter a trading halt.

Media reports emerged over the weekend that Ooh!Media was looking at a full takeover bid of HT&E as investment bankers were trying to find a buyer for its radio assets.

The board of HT&E recently rejected an offer from Ooh!Media for its outdoor advertising asset, Adshel, and on Monday they issued a statement on the ASX denying any knowledge of a takeover plan by its rival.

"In response to press speculation today, HT&E Limited advises that it is not aware of any discussions regarding a takeover bid for all of HT&E and that the company would not be entering into a trading halt," the statement says.

"After a number of years of transformation, our focus is on operating the company and driving synergy benefits between the divisions.

"We have a number of highly attractive media assets, including Radio and Outdoor. Adshel is a very valuable asset, both to other parties and as part of the HT&E Group."

HT&E is a media and entertainment company with assets in Australia, New Zealand and Hong Kong. HT&E was formerly listed as APN News & Media.

It has metropolitan media assets across radio, outdoor and digital, and its businesses include Australian Radio Network (ARN), Adshel, Conversant Media, Emotive and HT&E Events.

It's been reported Ooh!Media put forward an offer of between $400 million and $450 million for the Adshel business, but was rejected by the HT&E board as being too low.

However, HT&E chairman Peter Cosgrove told the company's AGM last week that it would consider any proposal that offers "compelling value" for shareholders.

Shares in HT&E rose more than five per cent in early trade and settled at around 3.5 per cent higher at $2.36 at around midday.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How P2C can help retailers maintain brand loyalty amid the supply chain crisis
Partner Content
With the ongoing supply chain crisis expected to continue throughout 2022, retailers ar...
Productsup
Advertisement

Related Stories

Brian Hartzer-helmed fintech Beforepay dives 42 per cent on ASX debut

Brian Hartzer-helmed fintech Beforepay dives 42 per cent on ASX debut

Today’s debut of ‘Pay on Demand’ platform Beforep...

Bod to launch UK clinical trial into medicinal cannabis efficacy on long COVID

Bod to launch UK clinical trial into medicinal cannabis efficacy on long COVID

With an estimated 1.3 million people in the United Kingdom sufferin...

Australian-owned Rhythm Japan acquired by leading North American snowsports retailer

Australian-owned Rhythm Japan acquired by leading North American snowsports retailer

Rhythm Japan, an Australian-owned Japan-based snowsports retailer, ...

NSW announces $43 million lifeline for cancelled major events and festivals

NSW announces $43 million lifeline for cancelled major events and festivals

The New South Wales government has today established a $43 million ...