oOh!media shares rally after receiving takeover bid from Pacific Equity Partners
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More news: Shares in oOh!media rallied in afternoon trade after the company received a $747 million takeover offer from Pacific Equity Partners.
Shares had risen 41.18% to $1.20 at 1:55pm AEST.
oOh!media gets $747m takeover offer from Pacific Equity Partners
The news: Outdoor advertising business oOh!media has received an unsolicited, non-binding indicative offer from Pacific Equity Partners (PEP) that values the company at about $747 million.
The numbers: PEP has proposed to acquire all issued share capital of oOh! for $1.40 per share by scheme of arrangement. According to the ASX, oOh! has 533,515,624 shares on issue, implying that the PEP offer has a value of $746.9 million.
The context: UBS is oOh!’s financial adviser and Mallesons is its legal adviser.
Among the completion conditions are satisfactory due diligence by PEP, final approval of PEP’s Investment Committee to enter into a scheme implementation deed and receipt of approvals from the Foreign Investment Review Board and the New Zealand Overseas Investment Office.
It will also require unanimous recommendation from the oOh! Board and a statement from each oOh! board member voting their shares in favour of the proposal. This would also depend on the absence of a superior proposal and an independent expert concluding the offer is in the best interests of shareholders.
The board recommends that shareholders take no action in relation to the proposal at this time.
The source: ASX
