PEP Offers to Buy Outdoor Ad Firm oOh!Media for $537 Million

Australian outdoor advertising company oOh!media Ltd. is evaluating a takeover bid from Pacific Equity Partners that values the company at A$746.9 million ($537 million).

PEP is offering A$1.40 per share in cash for oOh!media in a non-binding proposal, according to a statement Wednesday. That represents a premium of about 65% to Tuesday’s close. The stock jumped as much as 47%, the most on record.