James Taylor.
oOh!media has paused trading on the ASX pending an announcement, confirming Bain Capital and other unnamed financial sponsors have made conditional non-binding indicative offers for the out-of-home advertising company.
The offers are consistent with the terms of the I Squared Capital proposal, oOh! said in a statement to the ASX on Tuesday.
The company has been in play since April 29, when Pacific Equity Partners made an unsolicited bid at $1.40 per share, valuing oOh! at $747m.
I Squared Capital topped that less than two weeks later on May 11, offering $1.45 per share.
oOh!'s board rejected both offers, saying neither adequately reflected the intrinsic value of the company, but allowed limited due diligence to encourage revised proposals.
The company said at the time it was also engaging with other parties, Tuesday's announcement confirms that process has drawn further interest from Bain Capital and others.
“As disclosed to the market on 11 May 2026, in addition to progressing discussions with Pacific Equity Partners and I Squared Capital, oOh! is engaging with other parties regarding a potential change of control transaction,” the announcement read.
“oOh! has received conditional non-binding indicative offers from Bain Capital and other financial sponsors which are consistent with the terms of the I Squared Capital proposal.”
In its latest financial results, oOh!media lifted revenue 8.8% to $691.36 million for the year to December, with adjusted underlying NPAT up 7% to $63 million.
The company said it would not comment further on press speculation but would continue to update the market in line with its continuous disclosure obligations.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.