Shares in oOh!media Group Limited (ASX:OOH) rose yesterday after the outdoor advertising company backed a $170 million takeover bid from its shareholder, CHAMP Private Equity.
oOh!media’s directors have recommended CHAMP’s offer of 32.5 cents per share to acquire all the shares it does not already own.
The offer is at a premium of 103 per cent to oOh!media’s closing price prior to granting CHAMP exclusivity to conduct due diligence on November 9, 2011.
Champ holds a 19 per cent stake in the company, Macquarie Group Limited (ASX:MQG) holds a 27 per cent interest and media communications company WPP holds a 23 per cent interest.
Shares in oOh!media closed 5.08 per cent higher yesterday at $0.31.
oOh!media Group posted a record interim net profit, jumping 36 per cent to $3.5 million in the first six months of 2011.
