An independent expert hired by Ooh!Media's board has deemed the $163 million acquisition offer by Champ Private Equity fair and reasonable.
The report by independent expert Grant Thornton is within the outdoor company’s scheme booklet which has now been approved for distribution. It recommends shareholders vote in favor of the takeover bid.
A meeting of shareholders will take place on 27 February.
If the proposal is approved, shareholders will receive $0.325 cash per share, or mixed consideration comprising $0.10 cash and one Class B Share in Outdoor Media Investments.
Ooh!Media chairman Graham Jones said: “The oOh!media Board strongly believes that this proposal is a matter of importance for all shareholders, and therefore encourages them all to vote at the Scheme Meetings.
“The cash consideration of 32.5 cents per oOh! share represents a 103% premium to the closing price of the shares on 9 November 2011. The proposal provides a liquidity outcome for all shareholders that they may not otherwise receive in the absence of a superior proposal.”
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