Santos Rejects A$7.14 Billion Offer From Scepter Partners

Santos Ltd. said it rejected a A$7.14 billion ($5.15 billion) cash offer from investment firm Scepter Partners, saying it was “opportunistic” and did not reflect the oil and gas company’s value.

Scepter, on behalf of the managed funds of its stakeholders, offered A$6.88 a share, Santos said in a statement. That’s 26 percent more than Wednesday’s closing price.

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