Another private equity manager joins bidding war for oOh!media

oOh!media has received another unsolicited takeover bid, this time from I Squared Capital (ISQ) valuing the media firm at around $765 million, topping the previous bid from Pacific Equity Partners (PEP) which valued the firm at $747 million.

The board of oOh!media noted it has considered both proposals and has unanimously decided that neither proposal adequately reflects its intrinsic value.

It said it is willing to keep the talks alive and will provide limited due diligence to both firms to assess if they are able to put forward a "revised proposal that is capable of the board's recommendation".

"The board has informed both PEP and ISQ that it does not intend to recommend to shareholders any formal binding offer or below the value of their respective non-binding indicative proposals," it said.

US private equity firm ISQ is ready to pay $1.45 per share, a five cents improvement from PEP's offer. ISQ's offer is also subject to an adjustment under which the offer price will be reduced by the amount of any future dividends or distributions paid to shareholders.

oOh!media is also engaging with other parties and said it may potentially receive change of control proposal from one or more parties.

"oOh! is open to engaging with all parties to assess whether any proposal may emerge that is capable of being recommended by the board," it said.

oOh!media provides outdoor advertising services..

It has over 35,000 assets across its national digital and classic network that reaches over 99% of metro Australians and 72% of metro New Zealanders every week. Assets are located across roadsides, retail centres, airports, train stations, bus stops, office towers and universities.

It reported a revenue of $691.4 million in 2025, with adjusted profits coming in at $63 million. It expects to continue to take revenue share from other media sectors.