19th Nov 2019 11:10
(Alliance News) - Digital advertising firm Ocean Outdoor Ltd on Tuesday said it has made a bid to acquire Sweden-based AdCityMedia AB, as it looks to boost its presence in the Nordic markets.
Ocean Outdoor said that 51% of shareholders in AdCityMedia have backed the SEK308.3 million, or GBP24.8 million, offer.
The London-listed firm will pay SEK165 per AdCityMedia share, a 45% premium to the 30-day volume-weighted average price of SEK113.56.
Ocean Outdoor said: "On the back of the acquisition of Visual Art in September, the acquisition of AdCityMedia will extend Ocean's premium digital out-of-home presence in Sweden, Denmark and Finland with the aim to create the leading pure-play digital operator in these regions.
"Following the completion of the offer, Ocean intends to integrate AdCityMedia with Ocean's existing operations in the Nordic regions and beyond."
Ocean Outdoor in September said it will acquire Swedish media firm Visual Art for EUR63 million.
In London, Ocean Outdoor operates the iconic Piccadilly Lights advertising space, and the digital site at the Holland Park roundabout, adjacent to the Westfield shopping centre.
Shares in the company were untraded in London on Tuesday morning, last quoted at USD7.75 each.
By Eric Cunha; [email protected]
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