9th Dec 2019 16:38
(Alliance News) - Ocean Outdoor Ltd on Monday declared its offer to the shareholders in AdCityMedia AB unconditional and extended the acceptance period.
At the end of November, Ocean Outdoor had agreed - via its subsidiary Ocean Bidco Ltd - to acquire Swedish out-of-home and digital advertising screen operator AdCityMedia for GBP24.7 million.
Ocean Outdoor at the time said it will pay SEK165, about GBP13, per share of AdCityMedia, which is listed on the Nasdaq First North Growth Market. The transaction was expected to be funded through Ocean Outdoor's cash on hand.
On Monday, the outdoor advertising services company said its offer was accepted by AdCityMedia shareholders, representing about 52% of the company's share capital.
Meanwhile, Ocean Bidco has acquired 519,510 AdCityMedia shares outside of the scope of the offer, which represents about 28% stake.
As a result, Ocean Bidco owns 80% stake in AdCityMedia, hereby announcing the offer unconditional.
To give the remaining shareholders in AdCityMedia the possibility to accept the offer, Ocean Bidco has decided to extend the acceptance period until the end of January, it said.
Ocean Outdoor shares were 1.3% lower at USD7.40 each in London on Monday shortly before market close.
By Evelina Grecenko; [email protected]
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