Woodside chief executive Peter Coleman said his company’s $8.2billion bid for Oil Search was a ‘once-in-a-cycle’ opportunity.
The company leader spoke out after Oil Search rejected the offer, insisting it undervalued the firm.
Speaking to the Australian Financial Review, Coleman said: “I’m a patient man. This is a once-in-a-cycle opportunity to do something quite special.”
The chief executive said he would now “wait for Oil Search shareholders to start to say, ‘Where’s the deal'”.
But Coleman stopped short of considering bringing more money to the negotiating table.
“Offering more is dilutive to our shareholders,” he said.
“We are already at that balance point and we don’t want to go any further.”
After rejecting Woodside’s $8billion offer in September, an Oil Search spokesperson said: “If any proposals are tabled in the future that reflect compelling value for Oil Search shareholders, we will engage on them.”
At the time Oil Search pulled out of final crunch talks, prompting Woodside to express its surprise and disappointment “that the board of Oil Search has rejected the proposal without meeting with Woodside to understand the benefits of the opportunity or to negotiate the terms of a possible merger”.