-- (Updates with the stock movement in the headline and last paragraph.)
oOh!media (ASX:OML) received an unsolicited, non-binding proposal from Pacific Equity Partners to acquire the company for AU$1.40 per share in cash, according to a Wednesday filing with the Australian bourse.
The proposal is subject to several conditions, including the completion of due diligence, unanimous recommendation by oOh!media's board, and regulatory approvals, per the filing.
The company said it is evaluating the proposal alongside financial adviser UBS Securities Australia and legal adviser Mallesons.
Shares of oOh!media surged 41% in recent Wednesday trade.