Woodside abandons $8-billion takeover bid for Oil Search

12/7/2015

PERTH, Australia -- Woodside Petroleum has withdrawn its proposal to take over Oil Search Ltd.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.

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