OOh!Media (OML AU) Rejects I Squared's Competitive NBIO; And Is Engaged With "Other Parties"

• On the 29th April, oOh!Media Ltd (OML AU), Australia’s No.1 player in outdoor advertising, announced an A$1.40/share NBIO, by way of a Scheme, from PE-outfit Pacific Equity Partners (PEP).

• OOh! has now announced a A$1.45/share NBIO, by way of a Scheme, from I Squared Capital (ISQ). As with PEP’s Offer, oOh!’s board concluded ISQ’s terms are inadequate.

• However, “[oOh!] is prepared to provide PEP and ISQ with access to a limited amount of due diligence” to forward a revised proposal. oOh! is also engaged with other parties.

The Trade:

• In OOh!Media (OML AU): PEP’s Opportunistic Tilt, I was a buyer at A$1.20/share.

• At A$1.31/share as I type, if not in, I’d still look get some exposure; and load up if this were to materially pull back.

• Both Offers, are, however, indicative.

This insight is labelled bullish as I’m not bearish here.