	tmoc tells shareholders not to accept santos bid tmoc resources ltd told shareholders not to accept santos ltd s stos s dlr a share takeover bid pending advice from muarie hill samuel corporate services its corporate advisor it said in a statement the santos bid was below the underlying value of the shares as assessed by muarie hill samuel at between dlrs and tmoc formerly the moonie oil co ltd said the valuation was made in response to an earlier and still current bid of dlrs a share by elders resources ltd elders resources holds pct of tmoc s mln shares tmoc said it did not know elders resources response to the bid or that of its other major shareholder the australian gas light co the latter has a pct stake in tmoc avalon corp of the u s has a pct stake in tmoc through an option agreement santos which is pct owned by elders resources yesterday said its bid valued tmoc at mln dlrs tmoc said today this was not a premium over the share price before the bid and that tmoc had traded at up to dlrs a share in the last two weeks tmoc said in the statement that the bid was unsolicited and that santos had only a pct stake despite paying up to four dlrs a share on market tmoc has oil and gas interests and pipelines which complement the operations of santos the major cooper basin oil and gas producer tmoc shares today closed five cents up at dlrs on turnover of shares while santos due to release its profit result today rose eight cents to dlrs on volume of shares reuter 
