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Santos rejects takeover bid

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LNG Industry,

Santos Ltd has announced that it has rejected an indicative acquisition proposal from Scepter Partners.

The proposal to acquire all of Santos for AUS$6.88/share was described by Santos as opportunistic in nature and unrepresentative of the asset value of the company.

Santos added that the proposal was subject to numerous conditions, some of which would be adverse to the company’s continued evaluation of other alternatives in its current strategic review process.

Santos was advised by Scepter that it is a direct investment business whose stakeholders include a standing syndicate of ruling families, ultra-high-net-worth industrialists and sovereign wealth funds.

Santos announced on 21 August 2015 that it would conduct a thorough strategic review of all options to restore and maximise shareholder value.

Edited from press release by

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