"Santos obviously believe Oil Search is undervalued or they...

"Santos obviously believe Oil Search is undervalued or they wouldn't bid for it"

Both companies are undervalued. But most importantly, the combined company is worth more, with synergies and more resources to develop major projects.

The deal is great for both companies. I'd suggest better for OSH given they have not had anyone capable leading the company for a long time.

Whether the company should have got another 2 or 3% or whatever is peanuts compared to the value this will deliver in the long term.