oOh!media cleared for buyout by Australian regulator

• oOh!media secures ACCC clearance for takeover
• Share price remains unchanged at $1.65 following approval.
• I Squared Capital seeks full acquisition via scheme of arrangement.

oOh!media (ASX:OML) received regulatory clearance from the Australian Competition and Consumer Commission to proceed with its proposed acquisition by BidCo.

The approval marks a critical milestone for the $898 million takeover agreement first announced in August.

The transaction remains subject to additional approvals from the Australian Foreign Investment Review Board and the New Zealand Overseas Investment Office.

The company stated that shareholders will receive a detailed scheme booklet in early October ahead of a vote expected in early November.

Following the announcement, the oOh!media share price was unchanged at $1.66.

The board unanimously recommended that shareholders vote in favour of the transaction in the absence of a superior proposal.

Under the terms of the agreement, I Squared Capital offered $1.70 per share in cash to acquire the out-of-home advertising business.