Picked this up from Business Spectator this morning.
"Also in energy, Woodside Petroleum has again indicated it is unwilling to raise its bid for defiant takeover target Oil Search. The suitor’s boss Peter Coleman said that Woodside could walk away soon if Oil Search doesn’t come to the negotiating table based on the initial bid, though the exact timing was unclear."
I am greatly encouraged when a CEO is willing to walk away from M&A, rather than pay "over the top" and destroy shareholder value. While I understand that WPL is currently "ex growth", when you are in the commodity game, your best asset is cash and a strong balance sheet, cause you can never predict what will happen with prices.
Well done WPL and PC for sticking to the game plan. (Mind you - the sovereign risk of OSH is, as Szaba has pointed out - quite high. If PC walks away - I will not be unhappy)
HT1
PC and OSH bid - some answers, page-34
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Last
$29.26 |
Change
0.030(0.10%) |
Mkt cap ! $55.55B | |||
| Open | High | Low | Value | Volume |
| $29.25 | $29.37 | $29.14 | $82.84M | 2.833M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 30080 | $29.25 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $29.27 | 1356 | 2 |
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| WDS (ASX) Chart |