Why is oOh!Media stock rallying today?
oOh!Media shares surged 4.1% to A$1.655 as the company announced a binding private acquisition by U.S. infrastructure firm I Squared Capital. The deal values the company at A$898 million in equity and A$1.04 billion in enterprise value, representing a 6.9% premium to the stock's previous closing price and a full premium to its pre-acquisition trading price of A$0.85 on April 28, 2026.
The bid comes after oOh!Media rejected lower offers from Pacific Equity Partners and I Squared Capital, deeming them undervaluing the business. The board also hinted at a potential additional special dividend of A$0.10 per share, though the deal still awaits shareholder, court, and regulatory approvals, including clearance from Australia's Foreign Investment Review Board.
Completion is projected for late November or early December 2026. Despite the broader Australian market underperforming with a 0.76% decline, the acquisition's premium pricing to recent and undisturbed share prices provided a clear near-term target, leading to a significant rise in oOh!Media's stock value.
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