Bidding war for oOh!media heats up

Three firms are battling it out to acquire outdoor advertising company oOh!media.

The ASX-listed company confirmed it has received revised indicative takeover proposals from Pacific Equity Partners, I Squared Capital and Oaktree Capital, with offers up to $1.60 per share which values the company at around $850 million.

In April Pacific Equity Partners made an unsolicited takeover bid to acquire oOh!media for $1.40 per share.

At the time, the offer was a premium of 64.7% from its last closing prices of $0.85 and valued the media firm at around $747million.

In May I Squared Capital jumped into the mix, topping Pacific Equity Partners' bid with a fresh offer that valued the firm at $765 million.

The oOh!media board rejected both bids having unanimously determined they "did not adequately reflect the intrinsic value" of the company.

"The board provided limited due diligence to enable each party of assess whether it was able to put forward a revised proposal that may be capable of the board's recommendation," oOh!media said.

"After a three-week period of limited due diligence, the board has received indicative proposals from Pacific Equity Partners, I Squared Capital and Oaktree Capital Management, with a number of those proposals offering $1.60 per share."

oOh!media confirmed the proposals are subject to a number of conditions.

"Having considered all proposals in conjunction with its advisers, the board intends to provide further due diligence access to those parties, which is expected to take up to six weeks," it said.

"There is no certainty that any proposal will result in a binding offer or that any transaction will eventuate, and oOh!media will continue to update the market in accordance with its continuous disclosure obligations."

The oOh!media board has told shareholders not to take any action at this time in relation to any proposal.