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+--- Thread: OSH: "Offer to low" (/showthread.php?tid=9089)
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OSH: "Offer to low" - Putncalls - 09-14-2015
Oil Search cancels Woodside meeting and says that the offer is to low.
http://www.bloomberg.com/news/articles/2015-09-13/oil-search-cancels-meeting-with-woodside-to-discuss-takeover-bid?cmpid=yhooRE: OSH: "Offer to low" - Putncalls - 09-14-2015
Oops. I corrected the link
RE: OSH: "Offer to low" - jft310 - 09-14-2015
Makes perfect sense for Oil Search to want more . The offer prices only the current price of the PACLNG plant at today's LNG prices . Ignores the Papua LNG project in the bid . And other Oil Search properties . Will Woodside come back or is it over ???
RE: OSH: "Offer to low" - Palm - 09-14-2015
First volley
RE: OSH: "Offer to low" - Stavros - 09-14-2015
We learned from the IOC/TOTAL deal on E/A that Dr. Hession refuses to leave anything on the table when negotiating. He wants eventual full payment for resources.
Is it possible he's trying to negotiate a 3-phase deal with his old Woody buddies, something like:
1. Woody/IOC stock swap equivalent to a US$ 3 Billion Market Cap for IOC
2. Additional CA$H payment to IOC shareholders based on final outcome of E/A Drilling/Testing and Resource Certification payment by TOTAL
3. Additional Woody shares based on final outcome of Antelope South drilling
Just dreaming on a Sunday night before the Giants go on to beat the Cowboys ...
RE: OSH: "Offer to low" - Putncalls - 09-14-2015
WSJ:
Oil Search in a statement Monday said that after a detailed evaluation of the offer, its board concluded the offer was “highly opportunistic and grossly undervalues” a company with clear growth opportunities and a track record of delivery.
http://www.wsj.com/articles/oil-search-rejects-woodsides-8-billion-offer-1442192566?mod=yahoo_hs
RE: OSH: "Offer to low" - Palm - 09-14-2015
Official OSH response:
"The Board of Oil Search Limited (ASX Code: OSH) advises that it has unanimously decided to reject Woodside’s (ASX Code: WPL) non-binding conditional indicative proposal to acquire all the shares in Oil Search for a consideration of one Woodside share for every four Oil Search shares held (the "Proposal").
Following a detailed evaluation of the Proposal, the Board has concluded that the Proposal is highly opportunistic and grossly undervalues the Company.
Since receiving the Proposal, the Company has undertaken substantial shareholder engagement. The overwhelming feedback has been that this Proposal has little merit.
Oil Search is a pure PNG oil and gas play with clear growth opportunities and an excellent track record of delivery. The Proposal would significantly alter the fundamental characteristic of an investment in the Company and dilute the present growth profile available to its shareholders.
Oil Search has a material equity position in the world class PNG LNG Project and in attractive, low cost, LNG growth opportunities. These include the expansion of the PNG LNG Project through debottlenecking, the construction of a third LNG train and the development of the proposed Papua LNG Project. This, combined with the Company's low cost oil production and an extensive and high quality exploration portfolio, provides substantial scope for capital growth, with the potential for production to double from current levels by the early 2020s. In addition, with exposure to oil prices, through both its oil sales and LNG contracts, the Company is in a strong position to capitalise from a recovery in the oil price.
Oil Search is in a very robust financial position, with strong operating cash flows from its producing assets, even at current low oil prices, and current liquidity of US$1.6 billion, comprising US$850 million in cash and US$750 million in undrawn corporate credit facilities. Together with our operators, ExxonMobil and Total, and our other joint venture partners, Oil Search has access to competitively priced project finance for its LNG developments and substantial corporate debt capacity. The Company is well placed to fund the development of its growth projects.
Commenting on the Proposal, the Company’s Chairman, Mr Rick Lee said:
“The Board of Oil Search believes our Company is in a very strong position, both operationally and financially. We have a low cost, high quality, production base which is generating strong cash flows and excellent growth opportunities, with the proposed PNG LNG Train 3 and Papua LNG among the most competitive new developments in the world. Oil Search provides its shareholders with a pure exposure to PNG and is fully committed to PNG. Our focus is on continuing to build and create shareholder value through the Company’s strong future growth prospects."
Woodside: please read this as likely saying, "You will have to double your offer for us to welcome you to our table."
RE: OSH: "Offer to low" - petrengr1 - 09-14-2015
'Palm' pid='62744' datel Wrote:Official OSH response: http://www.oilsearch.com/Media/docs/150914%20Oil%20Search%20rejects%20Woodside%20non%20binding%20conditional%20indicative%20proposal%20v6%20-%20clean-5976d74e-aefa-4655-8de1-9df1ead22d47-0.pdf Woodside: please read this as likely saying, "You will have to double your offer for us to welcome you to our table."
Try this:
http://www.oilsearch.com/Investor-Centre/ASX-Releases/Press-Releases.html
RE: OSH: "Offer to low" - Palm - 09-14-2015
Also out is the 7-page Chairman of Board transcript from the morning presser. Some interesting reading.
RE: OSH: "Offer to low" - Palm - 09-14-2015
Seems interesting that in such an important matter Botten is traveling on company business and not participating in the call. Back in July or so Occidental Petroleum's corp jet landed in Perth and there was speculation that they might be making a play on Oil Search. Possible that Woodside is flushing out interested suitors to see what interest there is in OSH before they make their next move.