Pacific Equity Partners bids for Australia's oOh!media, valuing firm at $536 million (updated)

Ooh!Media

29/04/2026 24:11

Shares on track for biggest single-day gain on record

Offer at near 65% premium to stock's last close

Board currently evaluating proposal

Recasts paragraph 1, adds share prices in paragraph 2, details and background in paragraphs 4-7

April 29 (Reuters) - Australia's oOh!media OML.AX said on Wednesday that it has received a takeover offer from Pacific Equity Partners valued at A$746.9 million ($536.42 million), putting the company's shares on track for their biggest single-day gain on record.

In early trading, the stock rose as much as 47.1% to A$1.25, hitting its highest level since February 5. This rally pushed oOh!media's market capitalisation to roughly $479.3 million.

Pacific Equity has proposed to buy all oOh!media shares at A$1.40 apiece, a 64.7% premium to the stock's last close on Tuesday.

     The Australian outdoor advertising and media company said its board, along with advisers, is evaluating the proposal and will update shareholders in due course. It also cautioned that there is no guarantee the approach will lead to a formal binding offer.

Shares of oOh!media have lost nearly 35% so far this year, as of Tuesday's close.

Pacific Equity Partners' proposal for oOh!media follows the fund manager's acquisition of struggling property services provider
Johns Lyng Group
 for A$1.1 billion last June.

Earlier this year, Australia's Nine Entertainment NEC.AX accelerated its shift toward digital media, announcing an A$850 million deal for outdoor advertiser QMS Media and an exit from broadcast radio.

     ($1 = 1.3924 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru; Editing by Tasim Zahid, Sahal Muhammed and Sherry Jacob-Phillips)

 ((Nikita.Jino@thomsonreuters.com;))