Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Event-Driven

<ul><li>Woodside Petroleum proposes an all scrip merger with Oil Search via scheme of arrangement.</li><li>Oil Search shareholders will receive one Woodside share for every four shares held.</li><li>The proposal equates to a 14% premium for Oil Search holders based on the immediate pre-announcement share prices of AUD 30.60 for Woodside and AUD 6.75 for Oil Search.</li><li>Oil Search shareholders would own 32% of the combined entity. Our fair values are under review pending a change to our oil price forecasts, but we would expect approximately 35% accretion to Oil Search's fair value based on prior estimates.</li><li>This is a good deal for Oil Search chiefly because it ignores PNG sovereign risk.</li><li>On a proven and probable reserves basis, the transaction enterprise value of approximately USD 20 per barrel of oil equivalent for Oil Search is almost double Woodside's sub-USD 12 position.</li></ul>Analyst: Mark TaylorSector Head: Mathew HodgeFull report below the fold....

Woodside Petroleum proposes an all scrip merger with Oil Search via scheme of arrangement.Oil Search shareholders will receive one Woodside share for every four shares held.The proposal equates to a 14% premium for Oil Search holders based on the immediate pre-announcement share prices of AUD 30.60 for Woodside and AUD 6.75 for Oil Search.Oil Search shareholders would own 32% of the combined entity. Our fair values are under review pending a change to our oil price forecasts, but we would expect approximately 35% accretion to Oil Search's fair value based on prior estimates.This is a good deal for Oil Search chiefly because it ignores PNG sovereign risk.On a proven and probable reserves basis, the transaction enterprise value of approximately USD 20 per barrel of oil equivalent for Oil Search is almost double Woodside's sub-USD 12 position.Analyst: Mark TaylorSector Head: Mathew HodgeFull report below the fold....

Woodside Puts Merger Proposal to Oil Search, Value Accretive for Oil Search

Oil Search Ltd

Woodside Puts Merger Proposal to Oil Search, Value Accretive for Oil Search