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Oil Search rejected unsolicited $6.5 billion bid from Santos
By Sonali Paul and Nikhil Nainan
Reuters
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.
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 s relatively new chief executive.
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.
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