JCDecaux and Clear Channel pull out from CBS Outdoor international arm bid
It has been reported that both JCDecaux and Clear Channel have pulled out from bidding for rival CBS Outdoor’s international arm, meaning that only private equity groups are left in the running.
Expected to be valued at between $200m and $300m, CBS is hoping to conduct a sale of its international outdoor arm quickly, without splitting the business up: something that could have proved difficult from a regulatory standpoint if JCDecaux and Clear Channel had made the purchase.
It has, however, been suggested that both would be interested in buying ‘parts’, should CBS Outdoor be split up.
Both Clear Channel and JC Decaux have declined to explain why they have chosen to withdraw from the process.
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