Following that announcement, Harbour then carried out five weeks of due diligence prior to submitting its revised offer.
US investment fund Harbour Energy formalised its $10.36 billion bid for Australia's Santos Ltd on Thursday but failed to sweeten its offer, dashing hopes of a higher price and sending the oil and gas producer's shares lower.
Harbour is now proposing a USA dollar offer cash consideration for shareholders, with no fixed Australian dollar component.
The lastest offer includes a USA dollar offer of cash consideration for shareholders other than China's ENN Ecological Holdings and Hony Capital, which together own 15.1 per cent of the company. This option will not be available to other Santos shareholders.
"The independent directors of Santos will consider the Revised Harbour Proposal and will update shareholders accordingly", Santos said.
Speculation surrounding the takeover talks heated up this week when ENN entered a trading halt on the Shanghai Stock Exchange and stated it had held a "preliminary intention" with Harbour related to the Santos bid.
In order for that to occur, the revised Harbour bid will have to be considered approved by the independent directors of Santos. The deal will also have to be signed off by the the Foreign Investment Review Board.
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