Australia's oOh!media extends buyout talks as top bid hits $604.4 million
Australia's oOh!media extends buyout talks as top bid hits $604.4 million July 13 (Reuters) - Australia's oOh!media OML.AX said on Monday it remains in discussion with all three interested parties regarding takeover offers, highlighting that the highest offer values the advertising firm at nearly A$871.5 million ($604.39 million).
Here are some more details:
oOh!media said all three parties, Pacific Equity Partners, I Squared Capital and Oaktree Capital Management, reconfirmed their non-binding bids on July 10.
The lowest offer stood at A$1.60 per share while the highest was A$1.65, it added without clarifying which party had lobbed them.
The Australian outdoor advertising and media company said it intends to engage with all three parties, allowing them to finalize confirmatory diligence and other negotiations.
The final process is expected to take up to four weeks, it added.
In late April, Pacific Equity Partners was the first to shoot an offer for the advertiser at A$1.40 per share, a 64.7% premium to the stock's last close at the time.
Following that, I Squared Capital had offered A$1.45 per oOh!media share and Bain Capital had matched the terms.
Shares rose as much as 2.7% to A$1.515 in early trade, hitting their highest level since September.
($1 = 1.4420 Australian dollars)
(Reporting by Jasmeen Ara Shaikh in Bengaluru; Editing by Rashmi Aich)
((JasmeenAraIslam.Shaikh@thomsonreuters.com;))