Woodside withdraws proposal to merge with Oil Search

Woodside (ASX Code: WPL) has informed Oil Search Ltd.’s (ASX Code: OSH) board of directors that Woodside has withdrawn its proposal to merge the two businesses.

On Sept. 3, Woodside provided Oil Search with a proposal to merge Woodside and Oil Search through a scheme of arrangement. Oil Search rejected Woodside’s proposal to acquire all the shares in Oil Search for a consideration of one Woodside share for every four Oil Search shares held, saying that the proposal was opportunistic and that it undervalued Oil Search.

Woodside says that it is not pursuing any alternative transactions to combine the businesses.

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