Oil Search rejects $6.5B takeover offer

Oil Search Ltd. rejected a $6.5 billion acquisition offer from rival Santos Ltd., the companies revealed on Tuesday.
Santos's proposal valued Oil Search at $3.16 per share, a 12% premium to the price at the time. The all-stock transaction would have ended with Santos shareholders owning 63% of the merged group.
"Santos continues to believe that the merger proposal represents an extremely attractive opportunity to deliver compelling value accretion to both Santos and Oil Search shareholders," the Australian energy company said in the press release.