Local media leader makes bid for shares in major outdoor advertising firm

Poland's largest media group Agora, publisher of, among others, daily Gazeta Wyborcza, yesterday made a public bid for nearly 25% of WSE-listed local outdoor advertising company AMS, offering zl.60 a share, or 34% above its market price. The bid will take place between April 2-11. Agora said it did not rule out the possibility of upping its stake in the company after getting permission from the Securities and Exchange Commission (KPWiG) and the Office of Competition and Consumer Protection (UOKiK) to acquire the shares. AMS supervisory board member Piotr Karmelita said his company was astonished by Agora's announcement. He added that in approximately one year's time, after AMS's recent investments start to pay off, his company could be worth more than zl.100 per share. AMS is currently the largest outdoor advertising company, holding 33% of the country's billboard advertising market share, and 61% of the local citylighting and 76% of backlighting market shares. (Rzeczpospolita, p.B5, Reuters) M.T.