Ocean Outdoor, an outdoor advertising services company, offered to acquire AdCityMedia, a media company, for $32m. The offer price represents a premium of approximately 38.66% compared to the closing price for AdCityMedia shares on 18 November 2019, which was the last trading day prior to the announcement of the offer. "Ocean appreciates the important role played by AdCityMedia's employees. To realize the integration benefits discussed above, the integration of AdCityMedia and Ocean will likely entail some changes to the organization, operation and employees of the combined group. The specific initiatives to be implemented will be determined following completion of the Offer pursuant to a detailed review of the combined businesses. Before completion of the Offer, it is too early to say which initiatives will be taken and the impact that these would have. There are currently no decisions on any changes to Ocean's or AdCityMedia's employees, management or existing organization and operations of AdCityMedia, including terms of employment and location of business," Ocean Outdoor.