Australian advertising firm oOh!media said on Tuesday it had received indicative takeover offers from Bain Capital and other financial sponsors, triggering a three-way bidding war with I Squared Capital and Pacific Equity Partners.
Here are a few details:
- Shares of oOh!media jumped 9.2% to A$1.37, hitting the highest level since May 29 and marking their biggest intraday jump since late April.
- The company said Bain Capital’s offer matched the terms of I Squared Capital’s A$765.9 million ($540.57 million) bid at A$1.45 apiece, but did not disclose details of Bain’s proposal.
- Bain Capital did not immediately respond to a Reuters query on the deal value.
- Pacific Equity Partners was the first to enter the race this year, offering A$1.40 per share, a 64.7% premium at the time.
- Shares of oOh!media have climbed nearly 60% since Pacific Equity’s offer in April.
- The Australian Financial Review first reported Bain Capital’s intention to buy oOh!media on Monday.
