News: APO UPDATE 1-Australia's APN Outdoor sweetens bid for Adshel buy

(Adds details on JCDecaux takeover offer, background)

June 22 (Reuters) - APN Outdoor Group (APO) said on Friday it raised its takeover bid for HT&E Ltd's (HT1) Adshel businesses in Australia and New Zealand to A$540 million ($398.20 million), a day after APN itself received a takeover bid from French advertising company JCDecaux JCDX.PA .

The revised bid is 8 percent higher than the Australian billboard company's original offer in May for Adshel, pricing it then at an enterprise value of A$500 million.

JCDecaux, which sells ads in bus-stops and billboards, on Thursday offered to buy APN for A$1.09 billion, an 11.5 percent premium to its closing price on Wednesday. The offer is subject to APN ending its takeover bid for Adshel.

APN said in a statement its offer includes 54.1 million of its shares, worth A$310 million based on the stock's 5-day volume weighted average price of A$5.73 before the JCDecaux bid.

APN will issue debt to raise cash for the rest of the deal, it added.

It also reaffirmed its fiscal 2018 guidance of underlying core earnings of A$92 million to A$96 million.

($1 = 1.3561 Australian dollars)