oOh!media Receives Rival $1.60 Bids From Three Suitors After Rejecting Earlier Offers
oOh!media receives revised takeover proposals at $1.60 per share
oOh!media has received revised indicative proposals from multiple parties, with several offering $1.60 per share. The revised offers follow unsolicited, conditional, non-binding indicative offers of $1.40 per share from Pacific Equity Partners (PEP) and $1.45 per share from I Squared Capital (ISQ), which the Board unanimously determined did not adequately reflect the intrinsic value of oOh!, before the Board and its advisers subsequently engaged with both parties.
Pacific Equity Partners lodged the initial $1.40 per share proposal on 29 April 2026, with the Board appointing UBS Securities Australia and Mallesons to evaluate the offer before ultimately rejecting it as undervaluing the company.
The parties from which revised proposals have been received are Pacific Equity Partners, I Squared Capital, and Oaktree Capital Management, with the Board intending to provide further due diligence access to those parties. The $1.60 proposals represent an uplift from the initial offers.
The competitive bidding process has driven a meaningful uplift in offer price, validating the Board’s decision to reject initial approaches. However, all revised proposals remain subject to conditions consistent with the previously disclosed indicative offers and do not include an adjustment for any ordinary course dividend to be declared for the half-year ended 30 June 2026.
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What is a change of control transaction?
A change of control transaction typically refers to a takeover or acquisition where a new owner gains majority control of a company. In this case, multiple financial sponsors have expressed interest in acquiring oOh!media.
It is important to note that “indicative proposals” are preliminary, non-binding offers. They signal interest and a potential price, but are not final commitments. The due diligence phase allows bidders to verify company information, assess risks, and confirm their willingness to proceed before making a binding offer. Shareholders should understand that no binding offer exists yet, and the process could result in a transaction, revised terms, or no deal at all.
Process timeline and next steps
After a 3-week limited due diligence period, the Board has now decided to provide extended due diligence access to the remaining parties. This phase is expected to take up to six weeks.
The timeline of the process to date is as follows:
- Initial indicative offers received ($1.40 per share from PEP, $1.45 per share from ISQ) — rejected by the Board
- 3-week limited due diligence period completed
- Revised proposals received at $1.60 per share from multiple parties
- Extended due diligence phase commencing — expected to take up to six weeks
The competing bids from ISQ and PEP were both unanimously rejected by the Board before limited due diligence access was granted, with the company also confirming at that stage it was engaging with unnamed third parties to maintain competitive tension in the process.
The extended timeline indicates the Board is running a thorough competitive process to maximise shareholder value. However, shareholders should be prepared for a multi-week period of uncertainty with no guarantee of a final transaction.
Board recommendation
The Board has clearly stated that shareholders should take no action at this time. There is no certainty that any proposal will result in a binding offer or that any transaction will eventuate.
The company has committed to updating the market in accordance with its continuous disclosure obligations as the process progresses. The Board’s “take no action” advice reflects the preliminary nature of all proposals — no shareholder decision is required until a binding offer emerges, if one is ultimately received.
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About oOh!media
oOh!media is a leading Out of Home media company operating across Australia and New Zealand. The company’s extensive network includes advertising assets across roadsides, retail centres, airports, train stations, bus stops, office towers, and universities.
The company operates both digital and static advertising formats, creating a diverse portfolio of infrastructure-style assets in high-traffic public locations. This asset base, which provides access to large and diverse public audiences, underpins the strategic interest from multiple private equity and infrastructure investors in the current takeover process.
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