Leading US energy company Harbour Energy has announced that it has made a $13.5bn offer in an attempt to acquire Australian firm Santos.
The offer, valued at $4.98 equates to a 30% premium compared to Santos's unaffected share price of $3.89.
This is the third offer that Harbour has made for Santos since August of last year, with Santos now stating that they would be willing to engage further with Harbour in these negotiations.
"The Santos Board considers that, based on the indicative offer price of A$6.50 per share, it is in the interests of shareholders to engage further with Harbour," Santos said.
If the acquisition is successful, Harbour will use Santos' regional status to expand its growth in the Australian and Asian markets.
"We are pleased with the decision of the Santos Board to engage further and look forward to progressing this transaction towards completion," Harbour Energy CEO Linda Cook said.