oOh!media extends due diligence on bids from Pacific Equity Partners, I Squared Capital, Oaktree Capital Management

The news: oOh!media has extended additional due diligence to non-binding indicative proposals from Pacific Equity Partners, I Squared Capital and Oaktree Capital Management. The due diligence is expected to take up to six weeks.

The numbers: The oOh!media board received indicative proposals from the three private equity firms following a three-week period of limited due diligence “with a number of these proposals offering $1.60 per share”.

oOh!media previously announced a $1.40 per share offer from Pacific Equity Partners and a $1.45 per share offer from I Squared Capital.

The context: It has also been engaging with Bain Capital, as previously announced, alongside other financial sponsors. The proposed offers include conditions that are consistent with one another.