oOh!Media Ltd

Fund managers increasingly framed oOh!Media as an undervalued, structurally growing out-of-home advertiser and a takeover target. Infinity Asset Management (October 2025, ~$1.38) added to its position on weakness. Investors Mutual (December 2025, ~$1.30) saw it as an attractive, cheap (sub-10x CY26 PE) way to play a structurally growing ad medium and a potential consolidation target. That thesis was validated from April 2026: Lennox Capital Partners and Infinity Asset Management both flagged a non-binding indicative takeover proposal from Pacific Equity Partners at $1.40 per share (a ~65% premium, valuing equity at $746.9m), which sent the stock up as much as 47–65%; Perpetual Asset Management noted it had built conviction below $1.00 ahead of this, also citing Nine's $850m acquisition of rival QMS Media as validation. In May 2026, Lennox and Perpetual highlighted a competing non-binding offer from I Squared Capital at $1.45 per share, exceeding PEP's bid, which both managers said confirmed the strategic value of oOh!Media's outdoor network and the gap between public and private market valuations; Perpetual and others also cited a structural shift of ad spend toward out-of-home, stabilising contract churn, and moderating development capex supporting a re-rating. By July 2026 (Lennox, ~$1.55) the stock continued grinding higher on the ongoing bidding contest, with the position remaining one of the fund's largest active weights; Investors Mutual noted in June 2026 that private capital's willingness to take a longer view than public markets was driving bids across such names.