Santos, Australia’s second-largest oil and gas company, has given its Emirati suitor four weeks to finalise its $36.4 billion takeover bid, before it opens the door to potential rival offers.
An agreement between Santos and a consortium led by the Abu Dhabi National Oil Company, allows for six weeks of due diligence. However, after four weeks Santos’ board led by chair Keith Spence are permitted to enter discussions with rival bidders if a superior takeover offer is made.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.