A$766M offer rejected: Why oOh!media said no
Synopsis
oOh!media rejected rival acquisition proposals from I Squared Capital and Pacific Equity Partners after stating the offers undervalued the business. The oOh!media takeover bid developments come as digital outdoor advertising revenue continues growing and investors increase focus on media infrastructure assets linked to transport, retail and roadside advertising networks.
oOh!media rejected competing takeover proposals worth up to A$766 million as outdoor advertising revenue growth and digital billboard demand continued attracting investor interest across media infrastructure assets.
Key Highlights
- oOh!media rejected competing acquisition offers from two investment firms.
- I Squared Capital valued the company at approximately A$766 million.
- Outdoor advertising revenue rose 7.4% in the first quarter of 2026.
- Digital billboards generated more than 76% of total industry advertising revenue.
The oOh!media takeover bid has intensified after the outdoor advertising company rejected competing acquisition proposals from I Squared Capital and Pacific Equity Partners, according to company disclosures and market reports.
I Squared Capital submitted a non-binding proposal of A$1.45 per share, valuing oOh!media at roughly A$766 million. Pacific Equity Partners had earlier offered A$1.40 per share. The company said both proposals undervalued the business and were rejected by the board.
oOh!media confirmed it has provided limited due diligence access to both parties under confidentiality agreements while discussions continue.
Outdoor advertising spending continues to rise
The renewed oOh!media takeover bid interest comes as outdoor advertising revenues continue growing across major media markets. Data from the Outdoor Media Association’s latest industry report showed Australian out-of-home advertising revenue rose 7.4% year-on-year to A$339 million in the first quarter of 2026.
Digital screens accounted for more than 76% of total sector revenue during the quarter, reflecting continued advertiser demand for programmatic and location-based campaigns. Industry analysts have increasingly compared the sector’s growth trajectory with trends seen in transit and retail media networks globally.
Recent acquisition activity across media infrastructure and advertising technology businesses has also drawn investor attention toward companies with recurring advertising revenue and large physical screen networks.
Strong earnings support company valuation
oOh!media reported 2025 revenue of A$691.4 million, up 9% from the previous year, according to its latest annual results. Underlying EBITDA increased to A$139.1 million, while adjusted net profit rose to A$63 million.
The company maintained approximately 35% share of the outdoor advertising market across Australia and New Zealand in 2025. Its latest filings also showed net debt of A$105 million and gearing of 0.7 times.
Shares in oOh!media rose following reports of the competing bids as investors assessed the possibility of a broader bidding contest.
Market focus shifts to next steps
The latest oOh!media takeover bid developments come at a time when media and infrastructure investors are increasing exposure to digital advertising assets tied to transport hubs, retail centres and roadside networks.
Reports from Capital Brief and Bloomberg said the company has not ruled out further engagement with interested parties if proposals improve.
FAQs
Q1. How much was the latest oOh!media takeover bid?
I Squared Capital offered A$1.45 per share, valuing oOh!media at approximately A$766 million.
Q2. Why did oOh!media reject the acquisition proposals?
The company said both offers undervalued its business, market position and future earnings potential.
Q3. How is the outdoor advertising market performing in 2026?
Industry data showed outdoor advertising revenue rose 7.4% year-on-year during the first quarter of 2026.
Q4. What share of advertising revenue comes from digital billboards?
Digital screens generated more than 76% of total outdoor advertising revenue during the latest reported quarter.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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