Billboards operator QMS Media says it has received a takeover offer from Sydney-based Quadrant Private Equity that values the company at $420.6 million.
“QMS Media’s Board of Directors unanimously recommend the Quadrant scheme in the absence of a superior proposal,” the company said in a statement issued to the ASX.
The Quadrant offer of $1.22 per QMS share was at a 22 per cent premium to its last closing level.
At 1245 AEDT, QMS shares had risen 21 per cent to $1.21.
Including debt, the offer values the firm at $571.6 million.
The deal was subject to clearance by QMS shareholders and foreign investment regulators in Australia and New Zealand, the company added.
Quadrant wasn’t immediately available for comment.
QMS shareholders would also be entitled to receive a final dividend of up to 1.3 cents per share, the company said, once approved by the board.