Champ Private Equity has outlined a takeover offer for outdoor media player Ooh!Media, offering a figure that sits well above the share price.
The firm has recently built up a 9% stake in the outdoor company, and has made an indicative, conditional and non binding offer for the company, at 32.5 cents a share.
The offered price is more than double the closing share price on Wednesday (9 November), which was 16 cents. The share price skyrocketed yesterday by 68.75% to 27 cents, and is currently sitting at 30.5 cents.
A statement from Ooh!Media to the ASX said that the board will have further discussions with Champ about the proposal.
Champ currently has no media investments, but owned part of TV company Austar United Communications until 2005.
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