3rd Aug 2015 07:06
LONDON (Alliance News) - Emirates National Oil Company Ltd on Monday said it has increased the value of its bid for Dragon Oil PLC to 800 pence per share, a deal which would value Dragon Oil at around GBP4 billion.
Emirates its seeking to acquire the shares in Dragon Oil it does not already own and had already made a bid of 750 pence per share, but has now increased that to 800 pence. The deal would value the shares it does not already own in Dragon at GBP1.8 billion.
Emirates also said the new offer is final and will not be increased. It added it has secured acceptances from Baillie Gifford and Elliott Capital Advisors for the new offer, which together hold 13.1% of Dragon's shares.
Dragon shares were up 8.9% to 798.01 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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