oOh!media bidders up offer price

oOh!media has confirmed it will continue to engage with all three firms currently battling it out to acquire the outdoor advertising company.

The ASX-listed firm had 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.

It has now said all three parties have confirmed their non-binding indicative offers on July 10 with offer prices being for at least $1.60 and with the highest at $1.65 per share. The highest bid values oOh!media at around $871 million.

"Having considered all proposals in conjunction with its advisers, the board intends to continue to engage with all three parties, to allow those parties to finalise confirmatory diligence and negotiate binding transaction documentation on terms satisfactory to oOh!," it said.

"This final process is expected to take up to four weeks."

In April, Pacific Equity Partners (PEP) had made an unsolicited takeover bid to acquire oOh!media for $1.40 per share. That was a premium of 64.7% from its last closing prices of $0.85 and values the media firm at around $747million.

It received another offer from I Squared Capital (ISQ) valuing the media firm at around $765 million in May.

While the board of oOh!media had considered both proposals, it had unanimously decided that neither proposal adequately reflects its intrinsic value.

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

"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," it said.