OOh!Media (OML AU): I-Squared’s A$1.70/Share Offer Is Fair. More So After PEP & Oaktree Walked
Back on the 13th July 2026, oOh!Media Ltd (OML AU), Australia’s No.1 player in outdoor advertising, announced three suitors had reconfirmed their NBIOs, and confirmatory due diligence was afforded.
This morning (10th August), OML announced it had entered into an Offer, by way of a Scheme, with I-Squared, at A$1.70/share, in cash, less any dividends.
That’s a 100% premium to undisturbed. Optically/valuation-wise, it looks fair. Reportedly, neither Pacific Equity Partners nor Oaktree lodged final bids last Friday. That may be telling.
The Trade:
Trading tight at 2.6%/7.6%, gross/annualised, assuming mid-Dec completion.
Unless already in and/or can take advantage of the franking credits, I’d be looking elsewhere.
FWIW - in OOh!Media (OML AU): PEP’s Opportunistic Tilt, I was a buyer at A$1.20/share.
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