News: APO UPDATE 1-Australia's APN Outdoor accepts sweetened $830 mln offer from France's JCDecaux

(Adds details of deal and comments from APN and JCDecaux)

June 26 (Reuters) - Australian billboard firm APN Outdoor Group (APO) accepted on Tuesday a revised $830 million takeover offer from French advertiser JCDecaux JCDX.PA , sealing the biggest deal in Australia's outdoor ad market that has seen a merger frenzy.

JCDecaux offered A$6.70 per APN share, or A$1.12 billion ($830.37 million), in the sweetened bid, which is about 3 percent higher than its original offer and is at a 4.7 percent premium to APN shares' closing level last week.

“The JCDecaux Scheme is an attractive, all-cash transaction. The APN Outdoor Board has unanimously concluded that the Scheme represents a compelling transaction for APN Outdoor shareholders,” APN Outdoor Chairman Doug Flynn said in statement.

APN's acceptance of the JCDecaux offer comes a day after the Australian company lost out in a bid for advertising firm Adshel, part of a series of deals in the lucrative Australian outdoor advertising market.

Jean-François Decaux, co-chief executive officer of JCDecaux, said in a statement APN is "very complementary to our existing street furniture assets".

Four firms control 97 percent of the A$900 million industry in Australia and, with digital ad boards dramatically lifting their earnings potential, they looked at deals in an M&A rush that drew close scrutiny from regulators.

APN's board also intended to declare a fully franked special dividend of up to A$0.30 per share, or A$50 million in total, before the completion of the deal, the company said, adding the scheme is expected to be implemented in the fourth quarter of 2018.

The takeover is subject to approval by regulators and Australia's Foreign Investment Review Board. ($1 = 1.3488 Australian dollars)