Santos Limited
(ASX:STO) has advised that it received an indicative, highly conditional and non-binding proposal from Scepter Partners to acquire all of Santos for cash consideration of $6.88 per share.
The Santos board met to consider the offer and rejected it.
The board considered the proposal to be opportunistic in nature and did not reflect the underlying asset value of the company.
Santos says it will continue to inform its shareholders of any material developments.
Santos reported a net profit of $37 million at 30 June.
