Santos interest in making take-over
NZPA-AAP Melbourne Santos Ltd, the leading oil and gas group, has disclosed that it had taken a keen interest in taking over Alliance Oil Development (AOD) for the last four weeks and had built up a 419 per cent holding at. prices well below its offer of 90c a share. The $104.7M bid by Santos, which has netted just under 20 per cent of the issued capital, has been soundly questioned by the board of AOD and the sharemarket alike since it was launched last Fri-
day. The AOD directors urged shareholders to not sell their shares at the Santos price and said 90c a share was the “minimum value placed on your company.” ADD’S chairman. Sir Thomas Webb, said the bid “in no way reflects the true value of your company,” and that the merchant bank, Schroder Darling and Company, would advise the board on the Santos bid. There was no urgency for shareholders to make a decision.
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Press, 23 August 1984, Page 24
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164Santos interest in making take-over Press, 23 August 1984, Page 24
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