Three-way oOh!media race could push leading $872m bid higher
Analysts and industry experts believe PEP, I Squared and Oaktree could still dig deeper for the out-of-home advertiser.
The bidding war for oOh!media has intensified after one of its three suitors raised its offer to $1.65 a share, setting a new $872 million benchmark for the final four weeks of due diligence.
oOh!media told the ASX on Monday that Pacific Equity Partners (PEP), I Squared Capital and Oaktree Capital Management had all confirmed they remained in the race.
A source told Capital Brief that PEP had held its offer at $1.60 a share, matching the previous leading bid and valuing the company at $845 million.
It is unclear whether I Squared or Oaktree submitted the leading $1.65-a-share offer. Another source said the remaining proposal fell between the two. A spokesperson for Brookfield Asset Management, which owns Oaktree, declined to comment.
