Santos Limited has rejected a proposal from Scepter Partners that proposed the acquisition of all of Santos for $6.88 per share.
The Santos Board has met to consider the Proposal and decided to reject it. Santos said that the proposal is “opportunistic in nature and does not reflect the fair underlying asset value of the company.”
The Proposal was also subject to numerous conditions, some of which Santos said would be adverse to their continued evaluation of other alternatives in its current strategic review process.
Santos announced in August 2015 that it would conduct a thorough strategic review of all options to restore and maximise shareholder value. The strategic review is ongoing, and will continue to consider all proposals which deliver appropriate value and certainty for shareholders.
Santos has said they will continue to inform shareholders of any material developments.