"The Revised Harbour Proposal is subject to conditions, including completion of final confirmatory due diligence and entry into a scheme implementation deed between Santos and Harbour", Santos said in an announcement to the ASX.
Oil & gas company Santos has received a binding, conditional proposal from USA private equity group Harbour Energy to purchase 100% of the shares in the company.
The share price will be US$4.98, This follows a five week due diligence process.
The lastest offer includes a US dollar offer of cash consideration for shareholders other than China's ENN Ecological Holdings and Hony Capital, which together own 15.1 percent of the company. This option will not be available to other Santos shareholders.
The price is the same as Harbour's offer lodged in early April, despite oil prices increasing stongly since then.
Santos said it would consider the offer, which had the same USA dollar value as a previous indicative bid from Harbour, and urged shareholders to take no action. "Santos shareholders are advised to take no action in relation to the Revised Harbour Proposal at this time".
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.
Santos shares dipped 2 percent to sit below the offer price, with analysts suggesting the company may reject the bid as too low.