An Australian advertising company has found itself at the center of an intense acquisition battle after announcing Tuesday that it received preliminary buyout proposals from Bain Capital and additional financial backers, creating a competitive three-way contest with I Squared Capital and Pacific Equity Partners.
The takeover interest sent oOh!media stock soaring 9.2% to A$1.37 on Tuesday, reaching its peak value since May 29 and recording the most significant single-day gain since the end of April.
According to the advertising firm, Bain Capital’s proposal mirrors the terms offered by I Squared Capital’s A$765.9 million ($540.57 million) acquisition bid valued at A$1.45 per share, though specific details of Bain’s offer were not revealed.
When contacted by Reuters regarding the transaction amount, Bain Capital did not provide an immediate response.
Pacific Equity Partners initiated the acquisition contest earlier this year with a A$1.40 per share proposal, representing a 64.7% premium when announced.
Since Pacific Equity’s initial April offer, oOh!media shares have surged almost 60%.
The Australian Financial Review initially broke the story about Bain Capital’s interest in acquiring oOh!media on Monday.
