Advertising giant Ocean Outdoor announced this morning that its largest shareholder Atairos would buy the remaining shares in a deal valuing the firm at $580m (£463m).
A unit of private investment firm Atairos, Bidco, confirmed it would pay $10.40 per share in cash to shareholders, with the CEO of Ocean Outdoor Tim Bleakley stating that the proposal presents “clear benefits to the wider stakeholder group”.
The board is expected to unanimously accept the offer.
Despite the offer representing a 21.9 per cent premium on Ocean Outdoor’s average share price in the last six months, the stock dipped over two per cent this evening.
It comes as the London-listed firm behind the BFI Imax wraparound also confirmed a revenue boom.
The company posted a revenue of £124.4m for 2021, compared to £86.2m in 2020, whilst group gross profit hit £42.1m, up from £22.4m compared to the previous year.
Commenting on the results, Bleakley said: “Over the past three years, the Group has transformed from a UK focused player into one of the most advanced DOOH operators in northern Europe, covering seven countries.”