Santos (ASX:STO) share price rises on revised merger proposal

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The Santos Ltd (ASX: STO) share price is rising on Monday morning following a revised merger proposal with Oil Search Ltd (ASX: OSH).
The Santos Ltd (ASX: STO) share price is up in early Monday morning trading. This comes after the energy producer announced a revised merger proposal with Oil Search Ltd (ASX: OSH).

On Friday's market close, Santos shares finished the day down 1.07% to $6.45. At the time of writing, the price is 2.09% higher to $6.58.

Santos ups the ante

In today's statement, Santos advised it has increased its offer to acquire all of the shares in Oil Search.

The non-binding and indicative merger proposal would see Oil Search shareholders receive 0.6275 new Santos shares for each Oil Search share held.

This follows an earlier proposal from Santos to acquire Oil Search shares last month. The offer of 0.589 per Santos share for every Oil Search share owned was rejected by the Oil Search board.

Under the revised proposal, Oil Search shareholders will own roughly 38.5% of the merged group, as opposed to 36.9% in the original offer. Santos shareholders will…
Aaron Teboneras
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