December 13, 2016 / 10:35 PM / 7 months ago

Australian advertising businesses APN Outdoor Group, oOh!Media agree to merger

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SYDNEY, Dec 14 (Reuters) - Australian billboard company APN Outdoor Group Ltd plans to buy rival oOh!Media Ltd in deal that values the target at A$735 million ($550.29 million), the companies said on Wednesday.

The Sydney-listed companies said APN plans to give oOh!Media shareholders 0.83 APN share for every oOh!Media share they own, amounting to A$4.48 per share based on Tuesday's closing price, a 3 percent premium to oOh!Media's last trade. ($1 = 1.3356 Australian dollars) (Reporting by Colin Packham, editing by G Crosse)

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