Mining Weekly reported that Oil Search (ASX:OSH) has rejected Woodside Petroleum’s (ASX:WPL) AU$11.7 billion takeover offer, saying the proposal grossly undervalued the company.

Mining Weekly reported that Oil Search (ASX:OSH) has rejected Woodside Petroleum’s (ASX:WPL) AU$11.7 billion takeover offer, saying the proposal grossly undervalued the company.
As quoted in the market news:

Woodside last week confirmed its intent for a confidential and nonbinding merger proposal, offering 0.25 of its own shares for every one Oil Search share held, allowing Oil Search shareholders to maintain a stake in the combined entity.
The merger proposal was subject to Papua New Guinea (PNG) regulatory approval, the completion of a satisfactory due diligence and other customary conditions. The proposal would also be conditional upon the parties entering into a binding implementation agreement.
Oil Search holds a stake in the PNG liquefied natural gas (LNG) project, along with a number of other low-cost growth opportunities and producing assets. Oil Search on Monday said the merger proposal would significantly alter the fundamental characteristics of an investment in the company and would dilute the present growth profile available to its shareholders.

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