"ASX: OSH | PNGX: OSH | ADR: OISHY Oil Search Limited (the Company) today said that following the statement by Santos Limited disclosing details of its non-binding indicative change of control proposal that it is always open to receiving and engaging on any proposal that is in the best interest of shareholders.Oil Search agrees with Santos that there is strategic logic in a combination of the two companies. However, the Company said the terms of any such combination need to be fair for Oil Search shareholders and those in Santos' original proposal were demonstrably not.Oil Search notes that, based on Friday's closing share prices for Oil Search and Santos, the proposed terms represent a premium of only 6.8 percent despite Santos shareholders owning 70 percent more of the equity than Oil Search shareholders.Oil Search has communicated to Santos that it is open to receiving a revised proposal which more appropriately reflects the value which Oil Search would bring to any combined entity.At this stage no such proposal has been forthcoming. Oil Search will keep the market updated as appropriate."
They are keeping the door open and hoping for a better offer?
OSH Price at posting:
$3.89 Sentiment: Buy Disclosure: Held
