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13

Oil Search Rejects Woodside’s $8 Billion Offer as Too Low

By Tony Seruga

Shareholders see opportunistic bid as having little merit
Company would discuss any `compelling’ offers in the future

Oil Search Ltd. rejected Woodside Petroleum Ltd.’s $8 billion takeover bid, saying the proposal undervalues the company as it seeks to expand in the liquefied natural gas industry in Papua New Guinea.

“The company has undertaken substantial shareholder engagement,” Oil Search said in a statement on Monday. “The overwhelming feedback has been that this proposal has little merit.”

Woodside’s bid of one share for every four Oil Search shares, which implied a 14 percent premium, was too low to win investors’ support, according to Sanford C. Bernstein & Co. and UBS Group AG. The offer valued Oil Search at A$11.65 billion ($8.1 billion) when it was unveiled Sept. 8…

Oil Search Rejects Woodside’s $8 Billion Offer as Too Low

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