Santos (ASX:STO) has received an increased takeover offer from US company Harbour Energy of US$5.21 per share.
The bid has increased from an offer of US$4.98 last Wednesday.
The proposal is conditional on Santos undertaking additional hedging of oil linked production in 2018.
The oil and gas giant’s independent directors are currently reviewing the revised proposal and have advised shareholders not to take any action at this time.
Shares in Santos(ASX:STO) have jumped 3.2 per cent to $6.45 following the news.