Shares in oOh!Media Ltd (ASX: OML) are trading up more than 8% after the company confirmed that a third potential takeover bidder was running the ruler over the company.
An article in the Australian Financial Review on Tuesday morning said that private equity company Bain Capital had made a non-binding offer to buy oOh!media about two weeks ago, and was still interested in an acquisition.
Another bidder in the mix
oOh!Media confirmed in a statement to the ASX on Tuesday that this was correct.
It added:
As disclosed to the market on 11 May 2026, in addition to progressing discussions with Pacific Equity Partners and I Squared Capital, oOh! is engaging with other parties regarding a potential change of control transaction. oOh! has received conditional non-binding indicative offers from Bain Capital and other financial sponsors which are consistent with the terms of the I Squared Capital proposal. oOh! does not intend to comment further on press speculation regarding change of control proposals. oOh! will continue to update the market in accordance with its continuous disclosure obligations.
oOh!Media shares were up 8.4% on the news to $1.36, which is still a discount to the $1.45 per share offered by I Squared Capital and the $1.40 per share from Pacific Equity Partners.
Bids priced too cheaply
oOH!Media Chair Tony Faure told the company’s annual general meeting in May that “the Board, together with our advisers, has considered and unanimously determined that they do not adequately reflect the intrinsic value of oOh!”.
He added:
However, we are prepared to engage with all parties to assess whether any proposal may emerge that is capable of being recommended by the Board. oOh! will provide parties with access to a limited amount of due diligence information to enable them to assess revised proposals that may be capable of the Board’s recommendation. We are committed to moving at pace as we evaluate the offers, with a firm focus on achieving the best outcome for shareholders.
Company operations performing well
Also in May, the company said it was trading strongly and expected first-quarter revenue growth of 7% in Australia and 4% for the group, slightly ahead of projections from February.
oOh!Media said at the time that its Operational Excellence program and its exit from retail media delivered a 9% headcount reduction and $12 million in annualised savings from FY27.
The company said on the downside that first-half gross margins would be softer than anticipated.
oOh!Media Managing Director James Taylor said:
The Out of Home sector continues to benefit from strong structural growth, and we are executing our strategy to cement oOh!’s market leadership. The launch of MOVE is a growth catalyst, clearly demonstrating the superior quality and unmatched scale of our network to advertisers. Since February we have identified $12 million in annualised FY26 run rate pre-tax cash savings and an array of related operational benefits. This unlocks further value for our customers and shareholders. While we note some advertiser uncertainty given the broader macro environment, we are pleased with our overall outlook and look forward to updating shareholders at this morning’s AGM.
oOh!Media is valued at $662.9 million.
The post How high could the bidding war for this ASX 300 company go after a third takeover suitor emerges? appeared first on The Motley Fool Australia.
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More reading
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- This ASX media company has attracted a second takeover offer. Let the bidding war begin
Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.