DNO ASA, Oslo, made an unsolicited cash offer for all shares of Faroe Petroleum PLC, Aberdeen, that it does not own.
The Norwegian firm acquired 15.37% of Faroe earlier this year from Delek Group Ltd. and now owns 28.22% (OGJ Online, Apr. 4, 2018).
Faroe has exploration, development, and producing interests off the UK, Norway, and Ireland.
DNO estimated the value of its offer at £443.8 million on a fully diluted basis--£402.6 million for currently issued share capital it doesn’t own and the rest for outstanding share options of directors, managers, and employees.
It said its offer represents a 20.8% premium to the target company’s Nov. 23 share price.
