oOh!media stock heads into key vote on I Squared takeover

oOh!media has moved into the final shareholder decision phase for a proposed takeover by OOH BidCo, an entity owned and controlled by funds managed or advised by I Squared Capital. The company said in an ASX release dated Friday, October 2, that the scheme booklet and voting materials had been sent to shareholders.

Takeover vote sets immediate catalyst

The hybrid scheme meeting is scheduled for Monday, November 2, at 11:00 a.m. Sydney time. Shareholders will vote on a resolution to approve the scheme of arrangement and authorize the directors to implement it, subject to any court-approved changes or conditions.

The oOh!media board continues to recommend that shareholders vote in favor, provided there is no superior proposal and the independent expert continues to conclude that the transaction is in shareholders' best interests. David Ferrarin has abstained from making a recommendation because of a potential conflict connected with an entity that provided advisory services to I Squared Capital.

Conditions still shape the outcome

A shareholder vote would not by itself complete the transaction. The scheme remains subject to the conditions set out in the scheme documents, including court approval. That leaves the meeting and the subsequent legal process as the main near-term milestones for investors assessing whether oOh!media will leave the public market.

oOh!media operates an out-of-home media network across Australia and New Zealand. Its digital and static assets span roadsides, retail centers, airports, train stations, bus stops, office towers and universities, serving advertisers, landlords, community organizations, local councils and governments.

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