KNOC considers hostile bid for Dana after offer rejected

first_imgSunday 15 August 2010 10:48 pm THE KOREA National Oil Company (KNOC) is considering launching a hostile takeover of Aberdeen-based oil firm Dana Petroleum as early as this week, it emerged yesterday. Dana rejected a friendly bid from the firm last week after months of talks, saying the £18 per share offer “failed to recognise the value of the company’s recent developments and work in progress”. KNOC had also refused to sign a non-disclosure agreement that would have banned it from purchasing extra Dana shares during the takeover period. This now leaves the group free to bulk up its stake aggressively. “It’s definitely a live option, but at the same time a decision has not been made yet,” said a KNOC spokesperson yesterday. He would not comment on the timescale for any action planned by KNOC, but the firm is tipped to pounce as early as this morning. The group has courted Dana’s main shareholders in an attempt to smooth the path for a takeover. It has the support of a number of investors, notably Schroders, which has urged Dana to consider a bid at the level of £18 a share.Meanwhile, energy firms Talisman, Nexen and ONGC have emerged as potential rivals in the battle to take control of Dana. whatsapp whatsapp KCS-content Tags: NULL More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Show Comments ▼ KNOC considers hostile bid for Dana after offer rejected Sharelast_img read more

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