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Australia’s Santos Shuts Down $10.8B Harbour Energy Bid

Law360 (May 22, 2018, 4:24 PM EDT) -- Australian oil and gas company Santos Ltd. on Tuesday rejected a $10.8 billion takeover bid by private equity-owned Harbour Energy Ltd. and shut down any further discussions of a tie-up with the Houston-based firm, saying Santos is better off pursuing its existing strategy.

Santos turned away Harbour’s “best and final” proposal of $5.21 per share, ending a nearly two-month pursuit by the energy investment firm. The rejection of the proposal came a day after Harbour upped its initial offer of $4.98 per share, which had worked...
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