DNO could become a “more dominant player” in the North Sea with its takeover of Faroe Petroleum, according to an analyst. Faroe’s board yesterday conceded defeat in a long-running takeover battle and advised shareholders to accept DNO’s bid. >> To read more on Energy Voice, click here <<
Faroe Petroleum’s board has conceded defeat in its fight against a takeover bid by Norwegian oil explorer DNO.
Norwegian oil explorer DNO has increased its offer to acquire Aberdeen-based Faroe Petroleum, as its pursuit of the North Sea firm continues.
Bosses at DNO have warned they will “not go away” after falling short with their hostile takeover offer for Aberdeen-headquartered oil firm Faroe Petroleum.
Bosses at DNO have picked apart a report indicating its takeover bid for Faroe Petroleum was too low. DNO also said it was “troubled” by Faroe’s latest exploration disappointment with the Brasse East well. It follows last month’s disappointment with the Cassidy exploration well offshore Norway. >> To read more on Energy Voice, click here <<
Norwegian firm DNO has given Faroe Petroleum shareholders another two weeks to accept its takeover offer after falling short of its target.
Faroe Petroleum said today that a fresh evaluation of its portfolio highlighted the “inadequacy” of DNO’s takeover bid for the firm.
Bosses at Faroe Petroleum have ordered an independent valuation of the oil firm’s assets as they seek to fend off a hostile takeover attempt.
DNO has threatened to withdraw its bid to acquire Aberdeen-based Faroe Petroleum if a decision is not made by January 2.
Faroe Petroleum’s chief executive has hit out at DNO’s hostile takeover bid, saying the Norwegian firm is “not offering the right price”.
Faroe Petroleum has urged shareholders to reject DNO’s takeover bid, saying it is trying to acquire the company “on the cheap”.
Bosses at Faroe Petroleum urged investors to snub a hostile takeover offer from Norwegian oil firm DNO and hold onto their shares. Aberdeen-headquartered Faroe said the unsolicited, £444m bid was “opportunistic and substantially undervalued” Faroe. The London-listed firm encouraged shareholders to take no action. >> Read more on Energy Voice here <<
Oslo-listed DNO has withdrawn a request for a meeting to gain seats on Aberdeen-based Faroe Petroleum’s board, criticising the firm’s “increasingly hostile response”.
Faroe Petroleum said it is “very concerned” by actions from Norway’s DNO to “take control of its business”.
Norway’s DNO has purchased more shares of Aberdeen-based oil explorer Faroe Petroleum.