Titan poised to sell UK business
LONDON - Outdoor media owner Titan Outdoor is considering a number of options for selling its UK business, with a decision expected early next week.
Titan: poised to sell UK business
It is believed there are at least two potential bids on the table. Titan is thought to be considering an offer from a venture capitalist-backed consortium, as well as a management buyout, led by UK chief executive Jon Slatkin.
Industry sources also believe Titan has been approached with an acquisition offer from a rival major outdoor media owner.
The potential sale is understood to be part of a process of looking at a number of strategic options for the UK business, as parent company Titan Worldwide seeks to restructure its global financial arrangements.
The negotiations follow the sale of Titan's UK roadside estate to Primesight last August in a deal worth an estimated £6m, and last month's decision to pull out of the Republic of Ireland, after reaching a mutual agreement with national rail company CIE Group to surrender the €100m outdoor media contract.
Titan Outdoor, which employs about 100 staff at its head office in London, became the UK subsidiary of privately-owned Titan Worldwide in 2006, when chairman Bill Apfelbaum led a £10.6m takeover bid of Maiden Outdoor.
Slatkin declined to comment.
This article was first published on mediaweek.co.uk
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