Santos rejects takeover bid
Published by Callum O'Reilly,
Senior Editor
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 Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23102015/santos-rejects-takeover-bid-1516/
You might also like
IEEFA: Tidal wave of new LNG supply to flood market amid demand uncertainty
Sluggish demand growth for LNG, combined with a record increase in global export capacity through 2028, will likely thrust markets into an extended period of oversupply, according to the latest Global LNG Outlook from the Institute for Energy Economics and Financial Analysis.