Takeover bid coming from Linda cook?, page-53

A consortium of powerful global energy investors, led by a former executive director of Royal Dutch Shell, Linda Cook, is said to have recently approached the Santos board with an invitation to support a scheme takeover of the battle-scarred pioneer of Australian domestic and export gas sector.
The indicative pricing of a pitch that is expected to be ready to re-present to Santos within weeks is circa $5.30 a share, which would represent a 21 per cent premium to Wednesday's closing price of $4.38, but a more modest 11 per cent over the recently achieved year high of $4.78.
That said, given the offer arrives with acceptable certainty and some potential for further discussion over a more appropriate control premium, there remains much to discuss, given that the indicative pricing would represent an 85 per cent hike on the year low of $2.87.


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