SANTOS has confirmed that it quietly knocked back an $11 billion takeover bid at $4.55/share from private equity-backed Harbour Energy on August 14 believing it was too cheap and it wasn’t sure about the sources of the funds.
Santos swiftly moved to say it was not currently engaged in discussions with, and had not receive a current proposal from, Harbour Energy after Fairfax reported this morning that former Shell CEO hopeful Linda Cook had approached the Adelaide oiler's board with an invitation to support a takeover from her private equity-backed Harbour.
Santos said Harbour offered a confidential, non-binding conditional and indicative proposal to acquire all the Gladstone LNG operator's shares by way of a scheme of arrangement in August.
"The board rejected the approach on the basis that the indicative price [of $4.55/share] was inadequate and the sources of funds were uncertain," Santos said this morning.
"Santos receives a range of proposals from time to time and is at all times in compliance with its continuous disclosure obligations."
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