In a statement to the ASX, Ooh Media explained that Champ recently purchased 9.01 per cent of OOH’s share capital. Ooh will file a substantial shareholder notice in due course.
The statement continues, “The Board proposes to have further discussions with Champ concerning the proposal.
“In the meantime, OOH has granted confidential due diligence to Champ on an exclusive basis for a period of four weeks during which time discussions with Champ concerning the Indicative Proposal will be undertaken and certain other transaction protections which are contained in a deed between the parties, a copy of which accompanies this announcement.”
According to OOH, the proposal is highly conditional. It is stated to be subject to a number of conditions being satisfied, including:
- Champ being provided with exclusivity in its dealings with OOH
- Champ completing due diligence on OOH to its satisfaction
- Champ having the benefit of customary deal protection mechanisms
- Final Investment Committee approval of Champ
- OOH and CHAMP entering into a Scheme Implementation Agreement including conditions precedent that are not specified
OHH Media specialises in providing clients with creative out-of-home solutions across its diverse product offerings of road, retail and experiential media throughout urban and regional Australia.
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