(Reuters) - Australian billboards operator QMS Media Ltd <QMS.AX> said on Tuesday it received a takeover offer from Sydney-based Quadrant Private Equity that values the company at A$420.6 million ($287.5 million).
"QMS Media’s Board of Directors unanimously recommend the Quadrant scheme in the absence of a superior proposal," the company said in a statement issued to the Australian Securities Exchange.
The Quadrant offer of A$1.22 per QMS share was at a 22% premium to its last closing level. Including debt, the offer values the firm at A$ $571.6 million.
The deal was subject to clearance by QMS shareholders and foreign investment regulators in Australia and New Zealand, the company added.
Quadrant wasn't immediately available for comment.
QMS shareholders would also be entitled to receive a final dividend of up to 1.3 cents per share, the company said, once approved by the board.
($1 = 1.4628 Australian dollars)
(Reporting By Rushil Dutta in Bengaluru; Editing by Tom Hogue and Muralikumar Anantharaman)
