Key facts
- oOh!media received takeover offers from Bain Capital and other financial sponsors.
- Bain Capital's offer matches I Squared Capital's A$765.9 million bid at A$1.45 per share.
- Pacific Equity Partners was the first to make an offer at A$1.40 per share.
- oOh!media shares jumped 9.2% to A$1.37 following the news.
Australian advertising firm oOh!media announced on Tuesday that it has received indicative takeover offers from Bain Capital and other financial sponsors, igniting a three-way bidding war with I Squared Capital and Pacific Equity Partners. Shares of oOh!media surged 9.2% to A$1.37, reaching their highest level since May 29 and marking their largest intraday jump since late April.
Bain Capital's offer matches the terms of I Squared Capital's A$765.9 million ($540.57 million) bid, which equates to A$1.45 per share. Details of Bain Capital's specific proposal value were not disclosed. Pacific Equity Partners was the first to enter the bidding race this year, offering A$1.40 per share, a 64.7% premium at the time of its offer in April. Since Pacific Equity's initial offer, oOh!media's shares have climbed nearly 60%. The Australian Financial Review first reported Bain Capital's intention to acquire oOh!media on Monday.