Woodside’s bid for Oil Search

Woodside's proposed bid for Oil Search will make the combined group an attractive business.

Oil Search and Woodside Petroleum have announced that they're in talks about a potential merger although, so far, no deal has been struck. The proposal involves Woodside paying 0.25 shares for every share of Oil Search, valuing the driller at $11.7bn.

Predictably, Woodside’s share price fell and Oil Search’s surged to close above the implied bid price of about $7.70, suggesting the market expects a better offer to come. We concur.

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