Oil Search Limited
(ASX:OSH) says it will reject the Woodside Petroleum Limited
(ASX:WPL) four shares for one indicative proposal to take over Oil Search.
The board of Oil Search voted unanimously against the proposal which it says is highly opportunistic and grossly undervalues the company.
Shareholder feedback has indicated the takeover would alter the fundamental investment characteristics that Oil Search currently offers as a pure PNG oil and gas play.
Oil Search says it is in a very robust financial position and is more that capable of funding the development of its highly attractive low cost growth opportunities which include pure exposure to PNG through the PNG LNG Train 3 and Papua LNG.
Oil Search reported a net profit of $296.2 million for the 2015 financial year.
