The scheme booklet for oOh!media Limited’s proposed acquisition by I Squared Capital-backed OOH BidCo Pty Ltd has now been despatched to shareholders, marking a significant milestone in the takeover process. With the Supreme Court’s approval secured on 28 September 2026, shareholders can now review the complete information package needed to make an informed decision at the upcoming scheme meeting.
oOh!media is Australia and New Zealand’s leading out-of-home media operator, with an extensive network of digital and static advertising assets spanning roadsides, retail centres, airports, train stations, office towers and universities. I Squared Capital, the acquiring entity’s ultimate owner, manages over US$60 billion in assets globally and is positioned as a leading independent infrastructure investor focused on the mid-market segment. The transaction represents a significant capital deployment by the fund into the Australian media and advertising infrastructure space.
The oOh! Board has issued a unanimous recommendation for shareholders to vote in favour of the scheme, subject to the Independent Expert continuing to conclude the proposal is in shareholders’ best interests and absent any superior proposal emerging. This recommendation carries weight, particularly given the board’s commitment to vote all shares held or controlled by directors in favour of the transaction. One exception exists: David Ferrarin has abstained from making a recommendation due to a potential conflict of interest related to advisory services his associated entity provided to I Squared, though the announcement clarifies he did not participate in providing those services and was not involved in the board’s consideration of the scheme.
The despatched materials include the Independent Expert’s Report, which represents a critical evaluation of whether the proposed consideration represents fair value for shareholders. Personalised voting forms accompany the scheme booklet for shareholders who have not elected to receive communications electronically. The oOh! shareholder information line is available on 1300 911 275 within Australia or +61 1300 911 275 internationally, operating 9:00am to 5:00pm Sydney time, Monday through Friday.
Investors reviewing the scheme booklet should focus on the Independent Expert’s conclusions regarding fair value, any material risks to the transaction documented in the scheme implementation agreement, and the board’s disclosure of all material facts relevant to the shareholder decision. The next critical date will be the scheme meeting itself, where shareholders will determine whether the acquisition proceeds. Given the board’s strong recommendation and I Squared’s substantial infrastructure investment credentials, the transaction appears positioned for approval, though market sentiment and any competing proposals emerging before the meeting remain watch points for existing shareholders weighing their voting positions.
View the full ASX announcement (PDF)
About oOh!media Limited (ASX: OML)
oOh!media is an out-of-home advertising company that operates a network of over 30,000 advertising sites across Australia and New Zealand, holding approximately 35% of the Australian out-of-home advertising market. The company’s sites include roadside billboards, shopping centres, public transport stations, buildings, and university campuses. It also operates digital platforms, native content production, and digital printing services.
If you would like to discuss this announcement, request a callback or call us on 1300 889 603.
