On Tuesday, 8th January, DNO ASA, a Norwegian oil company had increased the bid for Britain Faroe Petroleum from 641 million pounds or $816 million. The company made a cash offer from 152 pence per share to 160 pence per share.
In November last year DNO ASA 610 million bid was rejected. Shares in Faroe has been between 140 pence to 160.8 pence per share.
Bijan Mossavar-Rahmani, DNO ASA’s Chairman said in the statement that the company would not overpay for assets.
The company also stated that the closing date for the offer has been set to 23rd Jan and would be funded from cash resources.
The company has been buying shares in Faroe since April 2018 and currently owns 43.8 percent in Faroe. In order to takeover, the company requires more than 50 percent of Faroe’s shareholders to back its bid.