--- Connecting LPs & GPs worldwide
--- Connecting LPs & GPs worldwide
Sydney-based private equity firm CHAMP has put in a A$163m ($166m) bid for ASX-listed outdoor advertising group oOh!media, one of the few private investment in public equity (PIPE) offers to be tabled in Australia this year.
CHAMP bought a 9.01 per cent stake in oOh!media last month and subsequently filed a substantial shareholder notice, which preceded an all-cash offer of 32.5c per share for a controlling stake in the company – roughly double the previous share price – which won the firm exclusive due diligence.
The company, which specialises in OOH (out of home) advertising such as billboards, shopping centre advertising, mobile billboards and experiential marketing, expects to achieve underlying earnings growth this year of between two and nine per cent to as much as A$23m on revenues of between A$117m and A$119m.
The offer is subject to board approval in February 2012. If successful, the deal is likely to be completed through the Australian buy-out firm’s CHAMP III fund, which closed in 2010 with commitments of A$1.5bn ($1.49bn).
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