May 21 (Reuters) - Australia’s oOh!media Ltd said on Monday it had submitted an improved bid for media and entertainment firm HT&E Ltd’s Adshel division.
The improved indicative offer for the outdoor advertising division was submitted on April 30 and values Adshel at A$470 million ($355 million), the billboard firm said in a statement.
oOh!media added it remains ready to undertake due diligence on Adshel which could result in a binding offer.
The details of the initial offer made in April were not disclosed, with HT&E’s board saying only that the offer did not “adequately reflect” Adshel’s value to its shareholders.
$1 = 1.3294 Australian dollars Reporting by Aaron Saldanha in Bengaluru; Editing by Edwina Gibbs