The board of outdoor player oOh! Media has agreed to a $163 million takeover by Champ Private Equity.
Champ launched its bid for oOh! Media in November, but the deal needs to be approved at by the outdoor company’s shareholders at a meeting to be held in February.
oOh! Media chairman Graham Jones said: "The cash consideration of 32.5 cents per OOH share represents a 103% premium to the closing price of OOH shares on 9 November 2011. The proposal provides a liquidity outcome for all OOH shareholders that they may not otherwise receive in the absence of a superior proposal."
In August oOh! Media reported first half net profit after tax of $3.5 million, up 36% increase on the prior period. The company also reported revenue of $55.3 million, an increase of 9%, as well as EBITDA of $10.3 million, up 7%.
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