{"id":118450,"date":"2021-07-20T01:50:05","date_gmt":"2021-07-20T01:50:05","guid":{"rendered":"https:\/\/fin2me.com\/?p=118450"},"modified":"2021-07-20T01:50:05","modified_gmt":"2021-07-20T01:50:05","slug":"oil-search-rejected-unsolicited-6-5-billion-bid-from-santos","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/oil-search-rejected-unsolicited-6-5-billion-bid-from-santos\/","title":{"rendered":"Oil Search rejected unsolicited $6.5 billion bid from Santos"},"content":{"rendered":"

MELBOURNE (Reuters) – Oil Search rejected an unsolicited scrip-based takeover proposal from Santos Ltd that valued the Papua New Guinea-focused oil and gas producer at A$8.8 billion ($6.5 billion), the two companies said on Tuesday.<\/p>

Slideshow ( 2 images )<\/span><\/figcaption>

Santos made the approach on June 25, but the proposal was only revealed on Tuesday after Oil Search was asked a day earlier whether it had received any approaches on an investor call following the shock exit of the company\u2019s relatively new chief executive.<\/p>\n

Oil Search said the proposal, which was assessed by its advisers, board and senior management, was determined not to be in the best interest of shareholders.<\/p>\n

Santos said it proposed to offer 0.589 new Santos shares for each Oil Search share held. Based on Santos\u2019 closing share price on June 24, that was worth A$4.25 per Oil Search share, a 12% premium to Oil Search\u2019s share price at the time.<\/p>\n

\u201cSantos continues to believe that the merger proposal represents an extremely attractive opportunity to deliver compelling value accretion to both Santos and Oil Search shareholders,\u201d Santos said in a statement to the Australian stock exchange.<\/p>\n

A takeover of Oil Search would give Santos a bigger stake in the PNG LNG project in Papua New Guinea, considered one of the world\u2019s lowest cost liquefied natural gas producers, and give it a stake in the Papua LNG project, which is on track to be developed.<\/p>\n

It would also become operator of the Pikka oil project in Alaska.<\/p>\n

Santos, advised by Citi and JB North & Co, said it has sought to engage the Oil Search board on the rationale for merging. Oil Search is being advised by Goldman Sachs and Macquarie Capital.<\/p>\n

The bid comes at a tricky time for Oil Search as it is searching for a new chief executive to replace Keiran Wulff, who quit on Monday following just 17 months in the job due to health issues and a whistleblower complaint.<\/p>\n

Oil Search previously rejected reut.rs\/3rmpASj a takeover from Woodside Petroleum in 2015.<\/p>\n

($1 = 1.3622 Australian dollars)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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