Original article by Perry Williams
The Australian – Page: 13 & 16 : 21-Jul-21
Allan Gray Australia’s MD Simon Mawhinney says the board of Oil Search must engage with Santos after the latter revealed on 20 July that it had proposed an all-scrip merger in late June. Oil Search rejected the offer of 0.589 new Santos shares for each of its shares, arguing that it represented a premium of just 6.8 per cent. Mark Samter of MST Marquee agrees that Oil Search directors should have engaged with Santos regarding the bid. Meanwhile, the position of Oil Search chairman Rick Lee is under scrutiny after he told an investor briefing on 19 July that it had not received any takeover approaches. Oil Search subsequently issued a clarification.
OIL SEARCH LIMITED – ASX OSH, SANTOS LIMITED – ASX STO, ALLAN GRAY AUSTRALIA PTY LTD, MST MARQUEE