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oOh!media Signs Scheme Implementation Agreement; Shares Up 4%

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oOh!media (ASX:OML) signed a scheme implementation agreement with OOH BidCo, an entity owned and controlled by funds managed and/or advised by I Squared Capital and its affiliates, an independent global infrastructure investor, according to a Monday filing with the Australian bourse.

OOH BidCo will acquire all of the shares in the issued share capital of the company for AU$1.70 apiece, including scheme consideration of AU$1.68 per share through a scheme of arrangement and an interim fully franked first half dividend of AU$0.02 per share, which the company board has determined to pay, the filing said.

Additionally, the company is expected to declare and pay a fully franked special dividend of about AU$0.10 per share on or before implementation of the scheme, per the filing.

Shares rose 4% in midday trade on Monday.

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