Daily Brief Australia: oOh!Media Ltd, Northern Star Resources and more

In today’s briefing:

OOh!media (OML AU): Tight Spread, Low Risk, with Scheme Vote on 2 November

I Squared won the oOh!Media Ltd (OML AU)‘s auction with a binding A$1.70 offer (A$1.68 cash plus a A$0.02 dividend). That is a 100% premium to the undisturbed A$0.85 price.
No shareholder holds a blocking stake, and substantial holders should support the premium. The independent expert found the scheme fair and reasonable, valuing oOh! at A$1.59–A$1.78 per share.
The ACCC cleared the deal unconditionally. For FIRB and NZ OIO approval, the risk is timing, not outcome. A 0.9% gross spread points to a done deal.

On the 13th July 2026, oOh!Media Ltd (OML AU), Australia’s No.1 player in outdoor advertising, announced three NBIOs (I-Squared, Pacific Equity Partners (PEP), and Oaktree), and due diligence was afforded.
On 10 August 2026, OML and I-Squared announced a Scheme Implementation Deed under which I-Squared would acquire OML for A$1.70/share in cash. Reportedly, neither PEP nor Oaktree lodged final bids
The Scheme Booklet is now out, with a 2nd November Scheme Meeting, and expected implementation on the 26th November. The IE (Grant Samuel) concluded ” fair and reasonable“. Clean deal.

Northern Star’s relative underperformance has attracted Gold Fields, one of the world’s largest gold producers, in what brokers characterise as a strategically appealing combination.
Northern Star shares have been de-rated in 2026 Weaker share price attracts unwelcome interest from Gold Fields Northern Star’s rejection belies the potential for a global gold producing behemoth

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