UPDATE 1-CBS Outdoor seeks up to $3.36 bln valuation in IPO

March 17 (Reuters) - Outdoor advertising company CBS Outdoor Americas Inc is seeking a valuation of about $3.36 billion as it looks to raise up to $560 million in an initial public offering of its common shares.

CBS Outdoor, part of media conglomerate CBS Corp, expects its offering of 20 million shares to be priced between $26 and $28 each, the company said in a filing with the U.S. Securities and Exchange Commission on Monday. ()

CBS, which will reduce its stake to 83 percent after the offering, plans to convert the company into a real estate investment trust (REIT).

Goldman Sachs, BofA Merrill Lynch, J.P. Morgan and Morgan Stanley are the lead underwriters of the offering.