News: APO Australian advertising businesses APN Outdoor Group, oOh!Media agree to merger

SYDNEY, Dec 14 (Reuters) - Australian billboard company APN Outdoor Group Ltd (APO) plans to buy rival oOh!Media Ltd (OML) in deal that values the target at A$735 million ($550.29 million), the companies said on Wednesday.

The Sydney-listed companies said APN plans to give oOh!Media shareholders 0.83 APN share for every oOh!Media share they own, amounting to A$4.48 per share based on Tuesday's closing price, a 3 percent premium to oOh!Media's last trade. ($1 = 1.3356 Australian dollars)

Keyword OOH!MEDIA M&A/APN OUTDOOR GRP