Oil Search rejects Woodside's acquisition offer

Offshore staff

PORT MORESBY, Papua New Guinea – The Oil Search Ltd. (ASX:OSH) board of directors has rejected Woodside Petroleum's (ASX:WPL) proposal to acquire Oil Search.

The board has said the offer of one share in Woodside for every four shares in Oil Search “grossly undervalues” the company.

Woodside has said it is “surprised and disappointed” at the rejection without holding a meeting between the two companies to discuss the benefits and negotiate the terms.

9/14/15

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