Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">OOh!Media Ltd (OML AU)</a>, Australia's No.1 player in outdoor advertising, has announced the three known suitors have reconfirmed their NBIOs, and confirmatory due diligence has been afforded. </li>
<li>Pacific Equity Partners, I Squared Capital, and Oaktree remain in the mix, with indicative offers between A$1.60-A$1.65/share. </li>
<li>The final process is expected to take up to four weeks,</li>
</ul>



OOh!Media Ltd (OML AU), Australia's No.1 player in outdoor advertising, has announced the three known suitors have reconfirmed their NBIOs, and confirmatory due diligence has been afforded. 
Pacific Equity Partners, I Squared Capital, and Oaktree remain in the mix, with indicative offers between A$1.60-A$1.65/share. 
The final process is expected to take up to four weeks,


OOh!Media (OML AU): Three-Way Bidding Progresses

<ul>
<li>On the 29th April, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media (OML AU)</a>, Australia's No.1 player in outdoor advertising, announced Pacific Equity Partners (PEP)'s A$1.40/share NBIO; then I Squared Capital (ISQ)'s May 11th A$1.45/share NBIO. </li>
<li>Both indicative Offers were rejected, however suitors were afforded due diligence. After three weeks, OML <a href="https://announcements.asx.com.au/asxpdf/20260615/pdf/070mg0jgrqwnpw.pdf" target="_blank" rel="noopener">announced</a> PEP, ISQ and Oaktree have all pitched indicative Offers, some up to A$1.60/share. </li>
<li>OML has now given all parties further due diligence up to six weeks to firm an Offer. Or Offers. OML has not indicated A$1.60 is a number it will support. </li>
</ul>


On the 29th April, oOh!Media (OML AU), Australia's No.1 player in outdoor advertising, announced Pacific Equity Partners (PEP)'s A$1.40/share NBIO; then I Squared Capital (ISQ)'s May 11th A$1.45/share NBIO. 
Both indicative Offers were rejected, however suitors were afforded due diligence. After three weeks, OML announced PEP, ISQ and Oaktree have all pitched indicative Offers, some up to A$1.60/share. 
OML has now given all parties further due diligence up to six weeks to firm an Offer. Or Offers. OML has not indicated A$1.60 is a number it will support. 


OOh!Media (OML AU): Don't Chase This Three-Way Tussle

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">OOh!Media Ltd (OML AU)</a> disclosed a non-binding proposal from I Squared at A$1.45 per share, a 3.6% premium to the PEP offer. </li>
<li>The Board has rejected both offers but is willing to provide due diligence to facilitate a higher offer. The Board is also engaging with other parties (potentially Blackstone, Bain, Oaktree).</li>
<li>An auction increases the odds of a binding proposal. An offer at the rumoured I Squared/Blackstone's <a href="https://www.smartkarma.com/entities/stroeer-se" target="_blank" data-smartkarma-citation="entities:21705:1" rel="noopener">Stroeer SE (SAX GR)</a> acquisition multiple (forward EV/EBITDA of 6.6x) implies an A$1.65 offer.</li>
</ul>



OOh!Media Ltd (OML AU) disclosed a non-binding proposal from I Squared at A$1.45 per share, a 3.6% premium to the PEP offer. 
The Board has rejected both offers but is willing to provide due diligence to facilitate a higher offer. The Board is also engaging with other parties (potentially Blackstone, Bain, Oaktree).
An auction increases the odds of a binding proposal. An offer at the rumoured I Squared/Blackstone's Stroeer SE (SAX GR) acquisition multiple (forward EV/EBITDA of 6.6x) implies an A$1.65 offer.


OOh!media (OML AU): I Squared’s Competing Offer, While Rejected, Sets an Auction in Motion

<ul>
<li>On the 29th April, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, Australia's No.1 player in outdoor advertising, announced an A$1.40/share NBIO, by way of a Scheme, from PE-outfit Pacific Equity Partners (PEP).</li>
<li>OOh! has now <a href="https://announcements.asx.com.au/asxpdf/20260511/pdf/06zfy0vr7sp4vg.pdf" target="_blank" rel="noopener">announced</a> a A$1.45/share NBIO, by way of a Scheme, from I Squared Capital (ISQ). As with PEP's Offer, oOh!'s board concluded ISQ's terms are inadequate. </li>
<li>However, "[oOh!] is prepared to provide PEP and ISQ with access to a limited amount of due diligence" to forward a revised proposal.  oOh! is also engaged with other parties. </li>
</ul>


On the 29th April, oOh!Media Ltd (OML AU), Australia's No.1 player in outdoor advertising, announced an A$1.40/share NBIO, by way of a Scheme, from PE-outfit Pacific Equity Partners (PEP).
OOh! has now announced a A$1.45/share NBIO, by way of a Scheme, from I Squared Capital (ISQ). As with PEP's Offer, oOh!'s board concluded ISQ's terms are inadequate. 
However, "[oOh!] is prepared to provide PEP and ISQ with access to a limited amount of due diligence" to forward a revised proposal.  oOh! is also engaged with other parties. 


OOh!Media (OML AU) Rejects I Squared's Competitive NBIO; Engages With "Other Parties"

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">OOh!Media Ltd (OML AU)</a> disclosed a non-binding proposal from Pacific Equity Partners (PEP) at A$1.40, a 64.7% premium to the undisturbed price. </li>
<li>Despite the high takeover premium, the timing is opportunistic (shares down 32% YTD) and is unattractive compared to precedent transactions and peer multiples.   </li>
<li>The shareholder structure, comprising 10 substantial shareholders, requires a fairer offer. If the Board cannot secure a higher offer, it should reject the current offer. </li>
</ul>



OOh!Media Ltd (OML AU) disclosed a non-binding proposal from Pacific Equity Partners (PEP) at A$1.40, a 64.7% premium to the undisturbed price. 
Despite the high takeover premium, the timing is opportunistic (shares down 32% YTD) and is unattractive compared to precedent transactions and peer multiples.   
The shareholder structure, comprising 10 substantial shareholders, requires a fairer offer. If the Board cannot secure a higher offer, it should reject the current offer. 


OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light

Australia

oOh!media Ltd is a media company. The Company provides advertising and marketing solutions, campaign production, campaign management, creative and digital solutions.

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oOh!Media Ltd (OML AU)

OOh!Media (OML AU): Three-Way Bidding Progresses

Terms remain indicative. At A$1.51/share, this is trading at a gross/annual. spread of 9.3%/23.2%, at A$1.65/share. That's reasonably attractice. ...

David Blennerhassett

OOh!Media (OML AU): Don't Chase This Three-Way Tussle

I was a buyer at A$1.20/share after PEP's opportunistic tilt. At A$1.50/share, I've less conviction. Offers are indicative. Large downside if this...

David Blennerhassett

OOh!media (OML AU): I Squared’s Competing Offer, While Rejected, Sets an Auction in Motion

The AFR reports that Bain has submitted a non-binding offer, although a price was not disclosed. It is unclear whether it was granted due...

Arun George

OOh!Media (OML AU) Rejects I Squared's Competitive NBIO; Engages With "Other Parties"

According to the Australian's Dataroom, which is more often hit than miss, I Squared is folding its tent. That leaves Pacific Equity Partners....

David Blennerhassett

OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light

Despite the high takeover premium, the timing is opportunistic (shares down 32% YTD) and is unattractive compared to precedent transactions and...

Arun George

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