Chart Analysis
OML Daily Timeframe Chart as of 29 April 2026
oOh!media (ASX: OML) — Receives Unsolicited A$1.40 Per Share Takeover Offer from Pacific Equity Partners
On 29 April 2026, oOh!media Limited (ASX: OML) confirmed it has received an unsolicited, non-binding indicative offer from Pacific Equity Partners (PEP) to acquire 100% of oOh!media's issued share capital for cash consideration of A$1.40 per share via a scheme of arrangement. Based on approximately 533.5 million shares on issue, the proposal values oOh!media at approximately A$747 million (approximately US$537 million). The offer represents an approximate 65% premium to oOh!media's last closing price of A$0.85 on 28 April 2026 and an approximate 50% premium to the one-month volume-weighted average price. The proposal is unsolicited, non-binding, and subject to multiple conditions including satisfactory due diligence, PEP Investment Committee approval, board recommendation, FIRB clearance, and New Zealand OIO approval. The oOh!media Board has appointed UBS Securities Australia as financial adviser and Mallesons as legal adviser to evaluate the proposal, and has recommended that shareholders take no action at this time.
Key Details at a Glance
| Detail | Value |
|---|---|
| Offer Price | A$1.40 per share (all-cash) |
| Implied Equity Value | ~A$747 million (~US$537 million) |
| Bidder | Pacific Equity Partners (PEP) |
| Offer Type | Unsolicited, non-binding indicative offer |
| Transaction Structure | Scheme of arrangement |
| Premium to Last Close | ~65% (A$0.85 on 28 April 2026) |
| Premium to 1-Month VWAP | ~50% |
| Shares on Issue | ~533.5 million |
| OML Financial Adviser | UBS Securities Australia Limited |
| OML Legal Adviser | Mallesons |
| PEP Financial Adviser | Macquarie Capital |
| PEP Legal Adviser | Gilbert + Tobin |
| Board Status | Evaluating proposal; no recommendation made; shareholders advised to take no action |
About oOh!media — Australia's Leading Out-of-Home Advertising Company
oOh!media is one of Australia and New Zealand's largest out-of-home (OOH) advertising companies, operating an extensive network of digital and static advertising locations across roadsides, retail centres, airports, train stations, bus stops, office towers, and universities. The company generates revenue by selling advertising space across these locations to advertisers, agencies, and media buyers.
oOh!media has been led by CEO James Taylor since December 2025, following his previous role as managing director of SBS. The company recently announced the closure of its retail media arm Reo by the end of FY2026, involving redundancies within the Reo team.
Prior to the PEP offer, oOh!media's share price had declined approximately 43% over the preceding 12 months and approximately 34% since the start of 2026, with the stock closing at a record low market capitalisation of approximately A$459 million on 28 April 2026. The OOH advertising sector has faced headwinds from digital advertising competition, though physical advertising networks retain structural advantages in audience reach and location-based targeting.
About Pacific Equity Partners (PEP) — The Bidder
Pacific Equity Partners is one of Australia's largest private equity firms. PEP raised A$3.2 billion for Fund VII and has prior exposure to the media sector through its ownership of Val Morgan as part of its investment in the Hoyts cinema group. PEP has been active in take-private transactions on the ASX in recent years, including a A$1.3 billion bid for Johns Lyng Group in 2025 and a A$1.4 billion acquisition of SG Fleet. PEP is advised by Macquarie Capital (financial) and Gilbert + Tobin (legal) on the oOh!media proposal.
Conditions of the PEP Proposal
The offer is subject to the following key conditions:
- Satisfactory completion of due diligence by PEP
- Unanimous recommendation by the oOh!media Board, with each director voting their shares in favour (subject to no superior proposal and an Independent Expert concluding the proposal is in shareholders' best interests)
- Final approval of PEP's Investment Committee to enter into a Scheme Implementation Deed (SID)
- Entry into a binding SID on acceptable terms
- FIRB (Australia) and OIO (New Zealand) regulatory approvals
PEP has also stated that the terms may be adjusted to reflect any further buyback, dividends, distributions, changes in share capital, acquisitions, divestments, or material undisclosed liabilities.
Market Context
OML closed at $1.130 on the announcement day, up +32.9% from a previous close of $0.850, with an intraday high of $1.250. The stock traded as high as 47% above the prior close during the session — described as its largest single-day gain on record — before settling at $1.130. The closing price of $1.130 represents an approximate 19% discount to the A$1.40 offer price, reflecting the non-binding and conditional nature of the proposal.
The offer follows a difficult period for oOh!media shareholders, with the stock declining approximately 43% over the past year. The proposal also comes approximately three months after Nine Entertainment completed the acquisition of QMS Media, one of oOh!media's major OOH competitors.
Risks & Considerations
Non-binding and highly conditional: The proposal is non-binding and indicative only. PEP has not yet been granted due diligence access, and there is no certainty a binding offer will be made or that any transaction will eventuate. Multiple conditions must be satisfied, including PEP Investment Committee approval and regulatory clearances.
Due diligence risk: PEP may adjust or withdraw its offer following due diligence. The indicative price of A$1.40 may be revised downward if PEP identifies issues during its review, or PEP may choose not to proceed.
Board has not made a recommendation: The oOh!media Board is currently evaluating the proposal with its advisers and has not recommended the offer. There is no certainty the Board will recommend the proposal, and it may determine that A$1.40 does not represent fair value for the company.
Regulatory approvals: FIRB and New Zealand OIO approvals are required. While these are standard conditions for foreign acquisitions of Australian companies, they can introduce delays or, in rare cases, result in rejection or conditions.
No competing bid certainty: While the unsolicited nature of the offer may attract competing interest, there is no guarantee a superior proposal will emerge.
Share price risk if deal fails: OML was trading at $0.850 prior to the announcement. If the proposal does not proceed to a binding offer, or if conditions are not satisfied, the share price could retrace toward pre-announcement levels. The stock had been trading at record lows prior to the offer.
Sector headwinds: The OOH advertising sector has faced competitive pressure from digital advertising platforms. oOh!media recently closed its retail media arm Reo, and the company's share price had declined significantly prior to the offer.
Key Dates & Timeline
| Date | Event |
|---|---|
| December 2025 | James Taylor appointed CEO of oOh!media |
| Early 2026 | Nine Entertainment completes acquisition of competitor QMS Media |
| April 2026 | oOh!media announces closure of Reo retail media arm |
| 28 April 2026 | OML closes at $0.850 — record low market capitalisation of ~A$459 million |
| 29 April 2026 | PEP non-binding indicative offer at A$1.40/share disclosed; share price moved +32.9% |
| TBC | Board evaluation of PEP proposal and decision on granting due diligence access |
| TBC | PEP due diligence (if Board grants access) |
| TBC | PEP Investment Committee decision on binding offer |
| TBC | Independent Expert's Report (if scheme progresses) |
| TBC | FIRB and OIO regulatory approvals |
| TBC | Shareholder vote on scheme (if binding SID entered) |
Price Data
- Previous Close: $0.850
- Close Price (29 April 2026): $1.130
- Change (29 April 2026): +32.9%
- 52-Week Range: $0.845 – $1.830
Notable Price Levels
- $1.400 — PEP indicative offer price
- $1.250 — intraday high on announcement day
- $1.198 — prior trading level within the 52-week range
- $1.130 — announcement-day close; ~19% discount to the A$1.40 offer price
- $1.015 — prior consolidation zone
- $0.940 — earlier trading range
- $0.850 — pre-announcement close and near the 52-week low
Key Takeaways
- OML moved +32.9% on 29 April 2026 following a price-sensitive ASX disclosure, with an intraday high of $1.250.
- The announcement — Receipt of Non-Binding Indicative Offer from PEP — was the primary catalyst for the price movement.
- Pacific Equity Partners has proposed to acquire 100% of oOh!media at A$1.40 per share in cash via a scheme of arrangement, valuing the company at approximately A$747 million — a ~65% premium to the prior close and ~50% premium to the one-month VWAP.
- The proposal is unsolicited, non-binding, and subject to multiple conditions including due diligence, PEP Investment Committee approval, board recommendation, and FIRB/OIO regulatory clearances.
- The oOh!media Board is evaluating the proposal with UBS (financial) and Mallesons (legal) and has recommended shareholders take no action at this time.
- OML closed at $1.130, approximately 19% below the A$1.40 indicative offer price, reflecting the conditional and non-binding nature of the proposal.
Summary
oOh!media confirmed receipt of an unsolicited, non-binding indicative offer from Pacific Equity Partners to acquire 100% of the company at A$1.40 per share in cash via a scheme of arrangement — valuing oOh!media at approximately A$747 million. The offer represents an approximate 65% premium to the prior close of $0.850, which was near the stock's 52-week low following a 43% decline over the preceding 12 months. The announcement coincided with a +32.9% move to $1.130, with the stock closing approximately 19% below the indicative offer price. The proposal remains non-binding and is subject to due diligence, PEP Investment Committee approval, unanimous board recommendation, an Independent Expert's Report, and FIRB and New Zealand OIO regulatory clearances. The oOh!media Board has appointed UBS and Mallesons as advisers and is evaluating the proposal. No recommendation has been made, and shareholders have been advised to take no action.
This article is for informational purposes only and does not constitute financial advice. Market Flow does not recommend buying or selling any securities. Past performance is not indicative of future results. Readers should conduct their own independent research and consult a licensed financial adviser before making any investment decisions. This content is published in accordance with ASX Market Rules and is not a financial product recommendation.