Aug 2 (Reuters) - Oil Search Ltd (OSH) :
- SANTOS WOULD ACQUIRE ALL OF SHARES IN OIL SEARCH FOR A CONSIDERATION OF 0.6275 NEW SANTOS SHARES
- OIL SEARCH BOARD HAS CONSIDERED REVISED PROPOSAL AND HAS DETERMINED TO GRANT DUE DILIGENCE ACCESS TO SANTOS
- EXPECTED THAT DUE DILIGENCE WILL TAKE APPROXIMATELY 4 WEEKS
- UNDER REVISED PROPOSAL, OIL SEARCH SHAREHOLDERS WOULD OWN APPROXIMATELY 38.5% OF MERGED GROUP
- REVISED PROPOSAL IMPLIES A TRANSACTION PRICE OF A$4.52 PER OIL SEARCH SHARE
- DETERMINED TO GRANT DUE DILIGENCE ACCESS TO SANTOS
- BOARD INTENDS TO UNANIMOUSLY RECOMMEND THAT SHAREHOLDERS VOTE IN FAVOUR OF REVISED PROPOSAL
- OIL SEARCH WILL ALSO UNDERTAKE DUE DILIGENCE ON SANTOS DURING THIS PERIOD
- OIL SEARCH BOARD BELIEVES THAT REVISED PROPOSAL PRESENTS OIL SEARCH SHAREHOLDERS WITH AN OPPORTUNITY TO MAINTAIN ONGOING EXPOSURE
- OIL SEARCH BOARD INTENDS TO UNANIMOUSLY RECOMMEND THAT SHAREHOLDERS VOTE IN FAVOUR OF REVISED PROPOSAL
