Santos rules out raising Eastern Star bid

Santos chief executive David Knox has ruled out raising his scrip-based takeover offer for Eastern Star Gas, despite the slide in the value of the bid since it was announced last month.

Angela Macdonald-SmithSenior resources writer

Updated Aug 20, 2011 – 2.46am, first published at Aug 19, 2011 – 12.33pm

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Santos chief executive David Knox has ruled out raising his scrip-based takeover offer for Eastern Star Gas , despite the slide in the value of the bid since it was announced last month.

When it was announced, the offer valued the NSW coal seam gas explorer at 90¢ a share, or $924 million in total. Now, it is worth about 79¢ a share, or $811 million, because of a 12 per cent dip in the value of Santos’s shares.

Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.