Ooh Media chief executive Brendon Cook described the private equity firm’s friendly takeover bid as a show of faith in the future of outdoor advertising.

The proposed acquisition suggested a promising outlook for outdoor advertising, considering the dearth of M&A activity in the media space in the current climate, he added.

Cook said outdoor advertising has continued to grow because as the media landscape becomes more fragmented, advertisers are looking for a guaranteed way to reach mass audiences.

He added that the buoyant state of the sector was good news for large-format printers, as more advertising equaled more printing.

Champ indicated it would leave Ooh Media’s management structure and management team unchanged if its takeover succeeded, said Cook.

Champ has offered to pay 32.5c per Ooh Media share – a 103% rise on the outdoor company’s 16c closing price on 9 November, the day before it was announced Ooh Media’s board had approved the takeover.

The private equity firm already owns about 19.6% of Ooh Media, said Cook.

A Champ spokesman said the private equity company was unable to comment at this time, but added that more information would be revealed in the scheme booklet.

The buyout has also received the nod from major shareholders WPP, which owns 23.7%, and Macquarie Group (27%).  

Champ’s bid was first revealed in November.

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