JCDecaux moves closer to APN acquisition


JCDecaux SA said that the Federal Court of Australia (the Court) has made orders approving the despatch of the scheme booklet (Scheme Booklet) in relation to JCDecaux’s acquisition of APN Outdoor Group Limited (APN Outdoor), by way of a scheme of arrangement (the Scheme).

The Court has also ordered that a meeting of APN Outdoor shareholders be convened to consider and vote on the Scheme (Scheme Meeting).

The implementation of the Scheme remains subject to the approval by APN Outdoor shareholders and to the satisfaction or waiver (as applicable) of certain other conditions precedent, including approval by the Foreign Investment Review Board (FIRB) and the New Zealand Overseas Investment Office (OIO), and other customary conditions.

APN Outdoor shareholders will vote on the Scheme at the Scheme Meeting, which will be held at 10:00am (Sydney time) on Monday, October 15th, 2018 at PricewaterhouseCoopers, One International Towers, Watermans Quay, Barangaroo, Sydney NSW, Australia.

Information relating to the Scheme, including the Notice convening the Scheme Meeting and the Independent Expert’s Report, will be included in the Scheme Booklet that will be sent to APN Outdoor shareholders by September 13th, 2018.

The key events and the expected timing in relation to the approval and implementation of the Scheme are set out in the table below. All dates are indicative only and are subject to the Court approval process and the satisfaction or, as applicable, waiver of conditions precedent under the Scheme, including the conditions precedent under the Scheme Implementation Deed between JCDecaux and APN Outdoor dated June 26th, 2018. Any changes to the timetable will be announced in due course.

JCDecaux also informs that the Australian Securities and Investments Commission (ASIC) has registered the Scheme Booklet in relation to JCDecaux’s acquisition of APN Outdoor, by way of a scheme of arrangement.