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.

Event-Driven

<ul>
<li>The <a href="https://www.afr.com/street-talk/i-squared-wins-ooh-media-s-pe-shootout-with-900m-bid-20260809-p60mrk" target="_blank" rel="noopener">AFR reports</a> that I Squared emerged with a winning binding proposal for <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> at A$1.70, a 100.0% premium to the undisturbed price of A$0.85 (28 April).</li>
<li>The offer is light compared to peer and precedent transactions and is below the 52-week high of A$1.73.</li>
<li>However, shareholders should be supportive, as the offer was the highest in a competitive auction, and it is uncertain whether the Board’s strategic execution could outperform a 100% takeover premium.</li>
</ul>


The AFR reports that I Squared emerged with a winning binding proposal for oOh!Media Ltd (OML AU) at A$1.70, a 100.0% premium to the undisturbed price of A$0.85 (28 April).
The offer is light compared to peer and precedent transactions and is below the 52-week high of A$1.73.
However, shareholders should be supportive, as the offer was the highest in a competitive auction, and it is uncertain whether the Board’s strategic execution could outperform a 100% takeover premium.


OOh!media (OML AU): I Squared Emerges with the Winning Bid

<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 that it had received revised non-binding proposals from PEP, ISquared and Oaktree Capital at A$1.60, a 10.3% premium to the previous ISquared A$1.45 offer. </li>
<li>The offer would not be reduced for the 1H26 dividend. The Board will provide the bidders with additional due diligence access, which is expected to take six weeks to complete.</li>
<li>The revised A$1.60 offer still has headroom for improvement compared to precedent transactions and peer multiples. A three-way tussle increases the odds of a higher binding offer.</li>
</ul>



OOh!Media Ltd (OML AU) disclosed that it had received revised non-binding proposals from PEP, ISquared and Oaktree Capital at A$1.60, a 10.3% premium to the previous ISquared A$1.45 offer. 
The offer would not be reduced for the 1H26 dividend. The Board will provide the bidders with additional due diligence access, which is expected to take six weeks to complete.
The revised A$1.60 offer still has headroom for improvement compared to precedent transactions and peer multiples. A three-way tussle increases the odds of a higher binding offer.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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

<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

Australia

QMS Media Limited provides advertising services. The Company offers outdoor advertising services. QMS Media serves customers in the Asian Pacific region.

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Qms Media (QMS AU)

OOh!media (OML AU): I Squared Emerges with the Winning Bid

The offer is light compared to peer and precedent transactions. However, shareholders should be supportive, as the offer was the highest in an...

Arun George

OOh!media (OML AU): A Three-Way Tussle

PEP, ISquared and Oaktree Capital have reconfirmed their NBIOs for at least A$1.60, with the highest offer now at A$1.65. The timeline to a...

Arun George

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

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