Ooh!Media Gets Rival $554 Million Cash Bid from I Squared

I Squared Capital has lobbed a rival all-cash offer for Australian outdoor advertising company oOh!media, valuing the company at A$765.9 million ($554 million).

The unsolicited, conditional non-binding I Squared bid of A$1.45 per share in cash comes after an April non-binding offer of A$1.40 per share from Pacific Equity Partners. The I Squared bid represents a 15% premium to oOh!media’s Friday closing price.