Bain Capital has entered the auction process for Australian outdoor advertising firm oOh!media, joining a growing group of private equity bidders competing for the business, according to a report by the Australian Financial Review.
The development adds further momentum to a sale process that already includes competing non-binding proposals from Pacific Equity Partners and I Squared Capital, both of which have tabled cash offers in recent months valuing the company at roughly AUD765.9 million.
I Squared’s proposal, pitched at AUD1.45 per share, followed an earlier indicative offer from Pacific Equity Partners of AUD1.40 per share, highlighting incremental competition for the Australian media asset.
oOh!media said it has received additional conditional, non-binding indications of interest from Bain Capital and other financial sponsors, with terms broadly aligned to those already under consideration in the process. While the company did not disclose specific pricing, it indicated that the proposals were consistent with existing bid parameters.
Following news of the additional bids, oOh!media shares rose as much as 8.4% in Sydney trading, marking the strongest intraday move since earlier takeover interest emerged in April.
