U.S. media conglomerate Clear Channel Communications has made an agreed takeover offer for the UK’s leading billboard advertiser, More Group, for £446 million. If the deal is completed, Clear Channel will become the largest outdoor advertising operator in the world. Clear Channel also owns 185 radio stations and 18 TV stations.
More Group, which owns the More O’Ferrall billboards business, sells advertising space on bus shelters and various street sites. Even though the More Group enterprise is international, employing over 1,000 people in over 22 countries, Clear Channel still paid a very high price for the group at a cost of 1,042.5p per share.
Clear Channel says it now plans to capitalise on More Group’s expertise in bus shelter advertising. It also intends to hold on to the More management team which says it will retain a significant amount of independence.
As a result of the deal More’s shares closed yesterday up 190p at £10.24. The bid represents a 25% premium on the closing price of the day before (834p).
More Group also announced its annual results for the year ended 31 December yesterday. Pre-tax profits were up 40%, from £18 million to £25 million on a turnover of £144 million (up 41%). Earnings grew 20% per share, from 36p to 43.3p per share.
More Group: 0171 287 6100
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