oOh!media shareholders approve I Squared deal at A$1.68 per share
Key Facts
oOh!media shareholders approved I Squared Capital’s acquisition scheme at a meeting held on November 2, 2026, with 99.89% of votes cast in favour and 90.53% of shareholders present and voting supporting the resolution. The result secures shareholder approval, one of the conditions required for the deal to proceed. The scheme provides for cash consideration of A$1.68 per share. Shareholder approval does not mean the acquisition is complete, as approval from Australia’s Foreign Investment Review Board and a New South Wales Supreme Court hearing remain among the next steps. I Squared said when the agreement was signed that it expected the deal to close in the fourth quarter of 2026, subject to the conditions being met.
The A$1.68 per share differs from the total cash consideration of A$1.70 announced when the deal was agreed in August 2026. The total comprises the A$1.68 scheme consideration plus an interim distribution of two Australian cents per share, fully funded by franking credits. The company said it intended to determine a permitted distribution of A$0.10 per share before the record date. The distribution remains subject to liquidity, franking credit and legal compliance conditions. Any distribution paid is deducted from the scheme consideration, so the cash amount payable may be reduced by that amount; the potential distribution does not represent an additional amount on top of the consideration without that deduction.
The company set November 13, 2026, as the extended date for a decision by the Foreign Investment Review Board, while the New South Wales Supreme Court is due to consider the scheme at a hearing on November 18. The company said at its meeting that approval from the Australian Competition and Consumer Commission and New Zealand’s Overseas Investment Office had already been received. Satisfying regulatory and court approvals remains a condition for implementing the agreement, alongside its other conditions. I Squared said when announcing the deal that it was also awaiting court and regulatory approval and the independent expert’s conclusion. The company set completion in the fourth quarter of 2026 as an expected timeframe, subject to the conditions being met or waived where the agreement permits.
The agreement followed a months-long takeover contest that attracted interest from Pacific Equity Partners, Bain Capital and Oaktree Capital, before I Squared emerged with the winning offer. Pacific Equity Partners’ initial non-binding offer in April 2026 was A$1.40 per share. The total consideration of A$1.70 represents a 21.4% premium to that initial offer. It also represents a 6.9% premium to oOh!media’s closing share price of A$1.59 on August 7, 2026. Looking further back, I Squared said the total consideration implies a premium of about 100% to the unaffected closing price of A$0.85 per share on April 28, 2026.
oOh!media operates in Australia and New Zealand, and I Squared said its network comprises more than 30,000 digital and static advertising assets. According to the company, the network includes roadside billboards, transport, airports and shopping centres. I Squared’s senior partner described the company as "a market-leading business with high-quality assets, long-term contractual foundations and attractive growth opportunities." The description reflects the buyer’s view of the company’s assets and prospects, while the transfer of ownership remains tied to completion of the regulatory and court process. According to the investor relations page, the share price was A$1.67 when it was updated at 10:52 a.m. on November 3, within a daily range of A$1.67 to A$1.68.