Bain Capital reportedly exits $780M oOh!Media buyout

• Bain Capital has reportedly withdrawn its non-binding bid to acquire outdoor advertising company oOh!Media.
• Three remaining private equity firms have launched improved takeover proposals valuing the business at $1.60 per share.
• The target company will grant the remaining suitors deeper financial access to progress the buyout talks.

Bain Capital has reportedly withdrawn its non-binding bid to buy advertising group oOh!Media (ASX:OML) for $1.60 per share.

The exit comes despite oOh!Media shares gaining 13.6% this year to reach a market valuation of $780 million.

Remaining suitors Pacific Equity Partners, I Squared Capital, and Oaktree Capital Management have submitted improved alternative proposals.

The Sydney-based company stated it intends to provide these remaining bidders with further due diligence access for six weeks.

Following the announcement, the oOh!Media share price was up at $1.60.

Financial advisory firm Jefferies had been assisting Bain Capital over the weekend to weigh its remaining investment options.

The remaining suitors are pushing ahead with a takeover process that the company stated could reshape its ownership structure.