Scepter makes offer for Santos

Offshore staff

HAMILTON, Bermuda – Scepter Partners has submitted a conditional and non-binding proposal to acquire Australian E&P company Santos for a cash consideration of A$6.88 ($4.96) per share.

Santos says its board has rejected the proposal, which it considers opportunistic in nature and not reflecting its fair underlying asset value. 

Some of the conditions, it added, would be adverse to Santos’ continued evaluation of other alternatives under its current strategic review process, which started in mid-August.

Scepter is a direct investment business whose stakeholders include a standing syndicate of ruling families, industrialists, and sovereign wealth funds.

10/22/2015

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