By Raphael Minder in Sydney
Published: September 15 2006 09:40 | Last updated: September 15 2006 09:40
Woodside, Australia‘s leading oil and gas group, said Friday it did not plan to raise its takeover offer for Energy Partners after the US oil producer rejected the bid and said it was likely to proceed with its planned $1.4bn merger with Stone Energy.
EPL rejected Woodside’s $883m takeover offer on Thursday night as too low and ”opportunistic”, saying that it would instead combine with Stone Energy or continue as a stand-alone company, as both options offered greater value to investors.