OOh!Media (OML AU): Three-Way Bidding Progresses

• OOh!Media Ltd (OML AU), Australia’s No.1 player in outdoor advertising, has announced the three known suitors have reconfirmed their NBIOs, and confirmatory due diligence has been afforded.

• Pacific Equity Partners, I Squared Capital, and Oaktree remain in the mix, with indicative offers between A$1.60-A$1.65/share.

• The final process is expected to take up to four weeks,

The Trade:

• Terms remain indicative. Hefty downside if this breaks.

• At A$1.51/share as I type, and assuming a five-month off ramp, this is trading at a gross/annualised spread of 9.3%/23.2%, at A$1.65/share.

• That’s reasonably attractive.

• More attractive if the view is this gets bid higher.

• IF pegged to Nine Entertainment Co Holdings (NEC AU)‘s Jan 2026 Offer for unlisted QMS Media (QMS AU), you could be looking upward of A$2/share.