Santos revealed Thursday it had received a “highly conditional” and non-binding proposal from Scepter to acquire all of the company's shares for A$6.88 each, a 26.5% increase on Wednesday's closing price of A$5.44 per share.
Santos' board has rejected the offer, with the company labelling it “opportunistic in nature” while adding it did not reflect “the fair underlying asset value of the company”.
The
