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oOh!media Receives AU$1.45 per Share Takeover Proposal From I Squared Capital

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-- oOh!media (ASX:OML) received an unsolicited, non-binding takeover offer from I Squared Capital to acquire the company for AU$1.45 per share in cash via a scheme of arrangement, according to a Monday filing with the Australian bourse.

The company received a proposal in April to be acquired by Pacific Equity Partners for AU$1.40 per share in cash.

oOh!media said its board "considered both proposals in conjunction with its advisers and has unanimously determined that neither proposal adequately reflects the intrinsic value of oOh!."

However, it is willing to grant both interested parties access to a limited amount of due diligence information to allow them to consider revised proposals, subject to their entry into non-disclosure agreements.

The engagement with I Squared and Pacific Equity is preliminary in nature, the company said, adding that it is also in talks with certain other parties on potential change-of-control proposals.

Additionally, oOh!media has paused its on-market share buyback program, per the filing.

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