Oil Search rejected unsolicited $6.5 billion bid from Santos By Reuters – Investing.com

Oil Search rejected unsolicited $6.5 billion bid from Santos By Reuters – Investing.com

By Sonali Paul and Nikhil Nainan

MELBOURNE (Reuters) - Oil Search (OTC:) rejected an unsolicited scrip-based takeover proposal from Santos Ltd that valued the Papua New Guinea-focused oil and gas producer at A$8.8 billion ($6.5 billion), the two companies said on Tuesday.

Santos made the approach on June 25, but the proposal was only revealed on Tuesday after Oil Search was asked a day earlier whether it had received any approaches on an investor call following the shock exit of the company's relatively new chief executive.