Bain Capital joins bidding war for Australia oOh!media
oOh!media shares rose 9.2% after Bain Capital matched a rival A$1.45 per share takeover offer. The firm is now the target of a three-way bidding competition.
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Bain Capital offered A$1.45 per share for oOh!media, matching a rival A$765.9 million bid for the advertising firm. The proposal triggers a three-way bidding war involving I Squared Capital and Pacific Equity Partners. The competing offers follow an initial bid in April that valued the company at a 64.7% premium.
Shares of oOh!media rose 9.2% to A$1.37 on Tuesday. This price increase represents the largest intraday gain since late April. The stock reached its highest price level since May 29.
