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Australian outdoor advertising company oOh!media has become the center of an increasingly competitive takeover battle after confirming it received indicative acquisition proposals from Bain Capital and other financial sponsors. The development adds a new contender to an already active bidding process involving I Squared Capital and Pacific Equity Partners (PEP).
Following the announcement, oOh!media shares surged 9.2% to A$1.37, reaching their highest level since May 29. The stock also recorded its strongest intraday gain since late April, reflecting growing investor optimism over the potential acquisition.
According to the company, Bain Capital submitted an indicative proposal that matches the terms of I Squared Capital’s existing offer. I Squared previously proposed acquiring oOh!media for A$765.9 million, valuing the company at A$1.45 per share. While oOh!media confirmed the comparable terms, it did not disclose further details regarding Bain Capital’s bid. Bain Capital has not publicly commented on the proposal.
The takeover interest in oOh!media began earlier this year when Pacific Equity Partners launched the first offer at A$1.40 per share. At the time, the proposal represented a premium of nearly 65% compared with the company’s market value, highlighting strong confidence in the Australian advertising firm's growth potential.
Investor enthusiasm has continued to build throughout the bidding process. Since Pacific Equity Partners submitted its initial proposal in April, oOh!media shares have climbed almost 60%, driven by expectations of a higher final acquisition price.
The Australian Financial Review first reported Bain Capital’s interest in acquiring oOh!media on Monday, fueling speculation that additional bidders could emerge. With multiple private equity firms competing for control of the company, market participants will closely monitor future developments in what has become one of Australia’s most closely watched media and advertising sector takeover contests.
At the current exchange rate, the A$765.9 million offer is valued at approximately US$540.6 million.
