News: OML UPDATE 1-Australia's HT&E says oOh!media's $355 mln offer for Adshel not "most attractive"

(Recasts with HT&E's response to offer)

May 21 (Reuters) - Australian media company HT&E (HT1) said on Monday oOh!media's sweetened A$470 million ($355 million) offer for HT&E's outdoor advertising division was not in the best interests of the company.

oOh!media Ltd (OML) on Monday confirmed media speculation that it had improved its bid for HT&E's Adshel division, and said it was ready to undertake due diligence which could lead to a binding offer.

HT&E said the latest bid "is not the most attractive offer, not in best interests of the company, and does not offer compelling value for shareholders".

HT&E said it had offered to engage with oOh!media to more appropriately value Adshel, but this was declined.

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.

The HT&E board advised shareholders to not take any action regarding the offer and said it remains willing to engage any proposal that delivers compelling value to its shareholders. ($1 = 1.3280 Australian dollars)