CLEAR TAKEOVER OF MORE IN DANGER AS DECAUX HOVERS

AN AGREED takeover of outdoor advertiser More Group by US company Clear Channel Communications was in doubt today with news of a possible competing bid from French group JC Decaux.

Decaux, also an outdoor advertiser, said it had approached More through its British subsidiary New Decaux and was considering making an offer "at a meaningful premium" to the Clear bid.

It is understood Decaux would offer cash and may be prepared to pay about 5% more than Clear. The possible takeover battle sent More's share price up 6.9% to a record 1105p. Earlier this month Clear made an 1042 1/2 pa-share cash offer, which was a 25% premium on More's then price, and valued the company at GBP 446 million. The move was set to make Clear the biggest outdoor advertiser in the world. More chief executive Roger Parry confirmed the company had been notified of Decaux's interest. "No contact has yet been made, but if contact is made the board will give full consideration to any offer," he said. Decaux, founded 35 years ago, and More are specialists in the billboards and illuminated signs business around the world, particularly on bus shelters. Decaux is a family-run business operating just outside Paris. In 1996 it had turnover of GBP 300 million and a pre-tax profit of GBP 50 million. This month, More reported a 40% rise in pre-tax profits to GBP 25.5 million in 1997 on turnover of GBP 144.4 million. The company, formerly called More O'Ferrall, was revitalised over a two-year period by Parry. Today's news of a possible counterbid will come as a big surprise to the market as the earlier Clear offer was seen as fully priced. by DAVID HARGREAVES

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