Santos (ASX:STO) is unlikely to attract a competing bid for its proposed takeover from a consortium led by XRG, a unit of Abu Dhabi National Oil, given the significant premium already offered, according to a Monday report by the Australian, citing MST Marquee.
Under the proposed deal, XRG will acquire all of the firm's ordinary shares on issue for $5.76 per share via a scheme of arrangement.
On Monday, the company said it plans to recommend that shareholders vote in favor of the proposed deal in the absence of a superior proposal, if it reaches acceptable terms for a scheme implementation agreement with the consortium.
Only the Abu Dhabi National Oil company would be willing to pay such a premium, MST Marquee said.
However, the deal faces multiple regulatory hurdles, with Australia's Foreign Investment Review Board (FIRB) seen as the most significant, MST Marquee added.
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