StockMarketWire.com - Norwegian oil and gas operator DNO on Thursday extended its 152p-a-share takeover offer for Faroe Petroleum for further two weeks.

The announcement comes just a day after Faroe declared DNO's offer 'opportunistic,' citing an independent evaluation, which priced the company's assets in the range of US$879m to US$1,076m, implying a valuation of between 186p and 225p a share.

As at 1.00 p.m. on 2 January 2019, DNO's had secured a total of 48,986,566 Faroe shares at the offer price, representing 13.1% of Faroe's shares.

DNO now owned 43% of Faroe as it inched closer towards the 57.5% mark, which would trigger the acceptance condition required to takeover the company. DNO's offer would remain open for acceptances until 1.00 p.m. on 16 January 2019, but if it lapses, then the company would not be able to make a new offer for another 12 months.




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