4th Jan 2019 08:24
LONDON (Alliance News) - DNO ASA said Friday that it has further increased its stake in hostile takeover target Faroe Petroleum PLC to 30.6%.
The Norwegian oil and gas operator acquired a further 2.8 million Faroe shares on Thursday at prices ranging between 147 pence and 152p per share.
Taken together with acceptances of its 152p per share takeover offer for Faroe, DNO is interested in 43.8% of Faroe's issued share capital. As of Wednesday, DNO had received valid acceptances in respect of 13.1% of the issued share capital of Faroe.
On Thursday, DNO brought its stake in Faroe to 30% and, as a result, its GBP567 million takeover offer became a mandatory offer pursuant to UK takeover rules. Faroe, in response, reiterated that DNO's offer price was opportunistic and substantially undervalued the company.
The offer by DNO is open until January 18, having been extended from December 31.
Shares in Faroe were trading 0.8% higher at 154.40p each on Friday morning.
Related Shares:
Faroe Petroleum Plc