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oOh media Ltd ( (AU:OML) ) has provided an announcement.
oOh!media Limited has received a second unsolicited, conditional non-binding indicative takeover proposal, with infrastructure investor I Squared Capital offering A$1.45 a share in cash via a scheme of arrangement, following an earlier A$1.40 a share approach from Pacific Equity Partners. Both bids remain subject to due diligence and other conditions, and the offer prices would be adjusted for any future dividends.
After reviewing the approaches with its advisers, the board unanimously concluded that neither proposal reflects the company’s intrinsic value and has told both suitors it will not recommend any binding offer at or below current levels. The board will nevertheless grant limited due diligence access to PEP and I Squared and is engaging with other potential bidders, while pausing its on-market share buyback as it assesses whether a superior change-of-control proposal capable of recommendation emerges.
The most recent analyst rating on (AU:OML) stock is a Buy with a A$1.55 price target. To see the full list of analyst forecasts on oOh media Ltd stock, see the AU:OML Stock Forecast page.
More about oOh media Ltd
oOh!media Limited is a leading out-of-home media company operating across Australia and New Zealand. It runs an extensive network of digital and static advertising assets in roadsides, retail centres, airports, train stations, bus stops, office towers and universities, helping advertisers and public-sector clients reach large, diverse audiences in high-traffic public spaces.
Average Trading Volume: 2,184,582
Technical Sentiment Signal: Sell
Current Market Cap: A$665.5M
Learn more about OML stock on TipRanks’ Stock Analysis page.