Scepter Partners backs former CEO of Santos with $5.1B to take company private

Scepter Partners has made a nonbinding indicative proposal to acquire 100% of Santos Ltd., an independent oil and gas company in Australia. The offer was at A$6.88 (US$4.97) per share in cash by way of a scheme of arrangement subject to a range of market‐standard conditions which equates to a market value of equity of A$7.1 billion (US$5.1 billion).

The indicative proposal, if implemented, would deliver the following to Santos’ shareholders:

  • 26% premium to Santos’ closing price on Oct. 19, being the last trading day before the proposal was submitted
  • 38% premium to Santos’ one-month volume weighted average (VWAP) price up to Oct. 19
  • 40% premium to the VWAP since Aug. 21, which was the date on which Santos announced its strategic review.

John Ellice-Flint led Santos management to create over A$8 billion (US$5.8 billion) of value while the company was under his stewardship from December 2000 to June 2008. He would serve as executive chairman of the privatized Santos should any indicative proposal ultimately succeed.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...