Harbour tweaks offer for Santos
PERTH (miningweekly.com) – Takeover target Santos has received a revised offer from suitor Harbour Energy Australia.
While the offer price has not been revised from the previous $4.98 a share, the revised proposal included a number of significant changes to the transaction structure, including a US dollar cash offer with no fixed Australian dollar component for shareholders other than ENN Ecological Holdings and Hony Capital.
ENN and Hony have been offered the opportunity to roll over their existing Santos shares into a Harbour investment vehicle, and subscribe for new shares. This option would not be available to other Santos shareholders.
Santos said on Thursday that the revised proposal was also subject to a number of conditions, including the completion of a final due diligence and the entry into a scheme implementation deed between Santos and Harbour, which would require shareholder and regulatory approvals.
The oil and gas major’s independent directors would now consider the revised offer, and would update shareholders; however, the company noted that there was no certainty that the revised proposal would result in an offer that Santos would be able to present to shareholders.
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