The bid to buyout the company at 32.5 cents per share helped the publicly listed Ooh Media’s share price leap from 16 cents last Wednesday to a high of 32.5 cents on Friday, the shares closed at 28.5 cents yesterday.

An announcement to the ASX from Ooh Media noted that Champ had purchased 9.01% of Ooh’s share capital on 9 November.

Ooh Media’s board has proposed to have further discussions with Champ concerning the proposal.

According to Champ’s website the private equity fund has “has one of the most successful private equity track records in Australasia, with a history of principal investment dating back to 1987”.

Champ director Darren Smorgon said he was unable to comment on the bid, but added that Blue Star Group was the only other printing company Champ is involved with.

“We are not commenting on it, our proposal has been publicly announced through Ooh Media and they will be making all relevant future announcements to the ASX,” he said.

Ooh Media is an outdoor media company whose competitors include APN Outdoor, JCDecaux and Eyecorp.

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