Woodside launched an A$11.6 billion (US$8.2 billion) takeover offer last week, offering one of its own shares for every four Oil Search shares.
On Monday Oil Search released a statement saying the board believed the offer was “highly opportunistic” and “grossly undervalues” the company.
It added that feedback from shareholders in relation to the offer overwhelmingly showed they believed the proposal had “little merit”.
The rejection of the offer was not unexpected, with many analysts last week claiming Woodside's offer was inadequate and could lead to competing offers from larger companies, something Oil Seach chairman Rick Lee said the company would consider.
“Let me be clear that we will certainly engage with any party if they present a proposal that reflects compelling value for...
