oOh!media Gets Second Takeover Offer From I Squared Capital
oOh!media (ASX:OML) received a second takeover offer in about two weeks. I Squared Capital, or ISQ, offered to take over the Australian outdoor advertising and media company for AU$1.45 per share, the company said in a Monday press release.ISQ's takeoffer price is higher than Pacific Equity Partners' previous offering of AU$1.40 per share.The second takeover offer could value the company at AU$765.9 million, according to Bloomberg News on Monday.Both offers are conditional and non-binding and ISQ's offer price is subject to adjustment. However, the company deemed that neither offer "adequately reflects the intrinsic value of oOh!"Despite this, the company is prepared to give both ISQ and PEP access to a "limited amount of due diligence information" to see whether they can offer a revised proposal, according to the release.Amid the offer, the company decided to pause its plan to buy back about 53.9 million shares. The program was supposed to run from March 12 this year until March 11, 2027.Morningstar director Brian Han said PEP's offer, which was previously labelled as "opportunistic", was actually "merely a conversation starter", with which ISQ came in with a higher offer, according to a Financial Review article on Monday.The company may have rejected both offers, Han said, but the company has set up a "'for auction' sign", the report said.However, Entcho Raykovski, Evans and Partners' head of media and telecoms research, described ISQ's offer as "undemanding". An offer of up to AU$1.60 per share could bring an internal rate of return in double digits for a private equity acquirer, Raykovski said in the AFR report.oOh!media said it is engaging with other parties and "may potentially receive change of control proposals" from them, according to the company's release.The company showed good performance for the whole year of 2025 as its revenue rose to AU$691.4 million from AU$635.6 million a year earlier. Its adjusted earnings also went up to AU$0.117 per share from AU$0.109 in the prior year.oOh!media's shares jumped 7.1% at the close.
