Oil Search's (ASX:OSH) board has rejected Woodside Petroleum’s (ASX:WPL) offer of one Woodside share for every four Oil Search shares, which valued the company at circa $11.6 billion.
The valuation was around a 14% premium.
Oil Search has a material equity position in the PNG LNG Project.
Shares in Oil Search closed on Friday at $7.45, which is around a third higher than the recent $5.62 lows.
This is though well down from the $9.30 where the company was trading a year ago, which was before the re-rating in global oil prices.
News: Oil Search says no to Woodside Petroleum
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