DNO Opts Not Make Offer For Faroe Petroleum (ALLISS)

4th Apr 2018 17:03

LONDON (Alliance News) - Norwegian oil and gas firm DNO ASA on Wednesday invited Faroe Petroleum PLC shareholders to tender up to 10% of the latter's shares, whilst also saying it will not make an offer for the company.

DNO has engaged Pareto Securities AS to run the reverse bookbuild to acquire up to 10% of Faroe, with the price to be determined later, with the bookbuild to close by 0700 BST Thursday.

Earlier Wednesday, DNO agreed to buy a 15% stake in Faroe from Delek Group Ltd. The deal covers 56.4 million Faroe shares, with the price being 125.00 pence per share, giving a total of GBP70.4 million.

Faroe shares ended up 12% on Wednesday at 117.80p.

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Related Shares:

Faroe Petroleum Plc