The agreement on Clear Channel Communications’ takeover bid for More Group has been withdrawn by More following a higher bid by its French rivals Decaux (subscribers see French Counter-Bid For More Group).
At the beginning of the month billboards company More agreed to the £446 million takeover bid from Clear Channel (subscribers see Surprise Takeover Of More Group For £446m). However, in a statement issued yesterday the Group announced that it had withdrawn this agreement to consider the higher bid of £475 million by Decaux.
The bid by Decaux has yet to undergo the regulatory investigation which would be necessary before the deal could go ahead. In the light of this, and Clear Channel’s reaction, More Group has urged its shareholders to take no action at this time.
Clear Channel is said to be ‘actively considering’ its next move although no response has yet been issued.
More Group: 0171 287 6100
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