Harbour comes in with firm bid for Santos shares

Harbour comes in with firm bid for Santos sharesImage courtesy of Santos

After days of media speculation about potential agreements between Harbour Energy and ENN to put in a joint bid for Santos takeover, the Australian LNG player said Harbour put in a revised proposal. 

Under the new binding, conditional proposal, Harbor is looking to acquire 100 percent of Santos shares by the way of a scheme of arrangement for a consideration equivalent to US$4.98 per share, totaling US$10.4 billion.

The revised Harbour proposal involves no change in price and a number of significant changes to the transaction structure previously announced.

Changes include a US dollar offer of cash for shareholders other than ENN and Hony, with no fixed Australian dollar component. In addition, changes include an offer to ENN and Hony to roll-over their existing Santos shares into a Harbour investment vehicle and subscribe for new shares, an option not available to other Santos shareholders.

The revised Harbour proposal is subject to conditions, including completion of final confirmatory due diligence and entry into a scheme implementation deed between Santos and Harbour, which requires the transaction to be recommended by the independent directors of the Santos board and includes, among other things, FIRB and shareholder approval conditions.

Santos noted in its statement that there is no certainty that the revised Harbour proposal will result in an offer for Santos that is capable of being considered by shareholders. Santos shareholders are advised to take no action in relation to the proposal at this time.


Share this article

Follow LNG World News


<< Jan 2019 >>
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Gas to Power APAC Congress 2019

The Gas to Power APAC Congress will bring together regional government officials and senior representatives from regulators…

read more >

2nd CWC Japan LNG & Gas Summit

The highly successful CWC Japan LNG & Gas Summit returns for a second year from 19-20 February 2019 in Tokyo, Japan…

read more >

Global LNG Forum 2019

Global LNG Forum is your opportunity to see what the future of LNG will be like…

read more >