Interesting. $SAX confirms offers from PE for their billboard business at "a valuation [...] significantly above Ströer's market capitalization." The stock popped 20% on the news. Still down 20% from 52w highs.

Their billboard business grew 10% in the most recent quarter. The digital billboard business even grew 24%. The digital business especially seems to have good momentum.

The stock might be worth a shot here especially if there's a bidding war. 

On the other hand, the stock is not as cheap as it looks. I'd not like to own it if there's no sale. There's a huge difference between EBITDA and real earnings or FCF because of IFRS 16/lease accounting. The stock trades at around 30x FY23 real earnings and around 20x fwd real earnings imo.