Woodside abandons $8-billion takeover bid for Oil Search
PERTH, Australia -- Woodside Petroleum has withdrawn its proposal to take over Oil Search Ltd. nearly three months after the bid was rejected.
On Sept. 3, Woodside provided Oil Search with a proposal to merge the two companies. The offer was rejected by Oil Search’s board, which said the offer was “highly opportunistic and grossly” undervalued the company.
On Tuesday, Perth-based Woodside said that it is not pursuing any alternative transactions to combine the businesses.
