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oOh!media Receives Higher Offers in Revised Acquisition Proposals; Plans to Grant Further Due Diligence Access

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oOh!media (ASX:OML) said it received revised proposals to acquire the company from Pacific Equity Partners, I Squared Capital, and Oaktree Capital Management, with some of the proposals offering AU$1.60 per share, according to a Monday filing with the Australian bourse.

The revised offers, which came after oOh!media granted certain parties a three-week period of limited due diligence access, are higher than earlier unsolicited offers ranging from AU$1.40 to AU$1.45 per share.

The company's board unanimously decided that the earlier proposals did not adequately reflect oOh!media's intrinsic value, per the filing.

oOh!media now plans to provide further due diligence access to select parties who issued revised proposals, a process that is expected to take up to six weeks.

The company cautioned that there is no certainty of any deal, and recommended that its shareholders take no action on any proposal at this time.

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