Lamar Advertising to Purchase Obie Media Group for 1.0 Times Revenue

The Deal: Lamar Advertising Company has agreed to purchase Obie Media Group Inc. for $43 million. Under the terms of the agreement, Lamar will acquire all of Obie's outstanding stock for approximately $43 million, or approximately $7.00 per share of Obie common stock. Lamar expects to issue about one million shares of Lamar Class A common stock in the merger. Lamar may elect to pay a portion of the purchase price in cash, however. Lamar will also assume about $23 million in Obie Media debt. The transaction has been approved by the board of both companies but still requires shareholder…