oOh!Media CEO Brendon Cook has denied rumours of a potential management buyout of the OOH business from Macquarie Capital.
On Monday, The Australian reported oOh! “could be next to disappear from the Australian Securities Exchange” based on rumours the investment bank has been tasked with finding a private equity firm to back a management buyout.
However, in a statement posted to the ASX after oOh! requested a trading halt, Cook denied any truth to the rumours and said The Oz article was “without any basis in fact”.
The OOH company also said in the ASX statement that there had been no proposal received about a management buyout and denied there were any current discussions.
“The company remains focused on achieving organic growth by leveraging the reach and diversity of its product portfolio in the out of home media sector,” oOh! said in the ASX statement.
“[oOh!] is undertaking digital transformation, increasing efficiencies, enhancing products and offerings and maximising shareholder value creation by delivering long-term sustainable revenue and earnings growth.”
oOh!’s shares were down 0.9 per cent to $2.87 in early afternoon trading on Monday.