1st Jul 2015 07:49
(Correcting previous offers made by ENOC for Dragon Oil in March and May.)
LONDON (Alliance News) - Dragon Oil PLC and Emirates National Oil Co Wednesday said they have agreed terms for the 750.0 pence per Dragon share cash offer made by ENOC.
Emirates, which is owned by the government of Dubai, is already Dragon Oil's majority shareholder, and the offer for the stake it doesn't own is worth about GBP1.7 billion in total. It said its offer is 47.2% above Dragon Oil's share price on March 13, the day before it first approached Dragon Oil.
The offer values the whole of Dragon Oil at around GBP3.7 billion.
The company first approached Dragon about a possible acquisition of the stake it didn't already own in March, when it put forward a possible offer of 650.0 pence a share before making a revised possible offer of 735.0 pence per share in May.
The companies have now agreed terms and the offer document has now been posted by ENOC and the takeover offer remains open until July 30.
Dragon shares were up 0.3% to 728.50 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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