StockMarketWire.com - Foroe Petroleum continued to urge its investors to reject a takeover bid by Norway's DNO, which on Wednesday published full details of an offer that values the company at £610m.

The offer of 152p per share 'substantially undervalues' Faroe and was lobbed to exploit a recent fall in the oil price, Faroe said.

It said the offer price represented a 21% premium to the shares' closing price before the offer was made, which it claimed was about half the average premium paid on all UK takeovers over the last 10 years.




At 2:12pm: [LON:FPM] Faroe Petroleum PLC share price was -0.5p at 152.5p



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