Bain Capital joins bidding war for oOh!media
oOh!media (ASX:OML) confirmed it is the target of a fresh, non-binding acquisition bid from global buyout firm Bain Capital and associated financial sponsors.
In its statement, oOh!media revealed that the conditional, indicative proposal from Bain Capital aligns with the financial terms previously lobbed by rival suitor I Squared Capital.
The surprise intervention firmly positions Bain Capital against existing bidders.
The oOh!media board is already progressing preliminary discussions and sharing limited due diligence with private equity firm Pacific Equity Partners—which tabled an initial $1.40 per share bid in late April—as well as infrastructure investor I Squared Capital, which topped that offer with a $1.45 per share bid in May.
While oOh!media previously rejected both rival offers as undervalued; the company confirmed it is actively engaging with multiple interested parties regarding a potential change of control transaction.
Prior to the market update, oOh!media requested a temporary trading halt on the ASX to manage the influx of takeover interest.
Despite confirming the competitive multi-billion-dollar field, the outdoor media company maintained a strict stance on further disclosures, stating it "does not intend to comment further on press speculation regarding change of control proposals" outside of its formal continuous disclosure obligations.
