Deals
Scepter Taps Former Santos Boss for $5.15 Billion Takeover Bid
- Scepter Partners offers A$6.88 cash for each Santos share
- Santos surges most in almost 30 years after rejecting bid
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Scepter Partners, whose A$7.14 billion ($5.15 billion) offer for Santos Ltd. was rejected Thursday, lined up the oil and gas producer’s former leader John Ellice-Flint to run the company should its bid succeed.
The investment firm backed by Asian and Middle Eastern royalty is considering its options after its A$6.88 a share offer was rejected, according to people familiar with the matter, who asked not to be identified as the information is private. Adelaide-based Santos the bid, priced at a 26 percent premium to Wednesday’s close, was too low and “opportunistic.” Santos shares jumped 16 percent Thursday.