DNO repeats bid for Faroese oil outfit, criticizes management

Norwegian oil and gas operator DNO makes its second bid for Faroe Petroleum. This time, the former baits the latter's management with a handsome premium of GBP 50 million but in the same breath criticizes the very same management for having "jettisoned a crown jewel asset" in a swap deal with Equinor.

Photo: Ritzau Scanpix/Claus Bonnerup.

Norwegian oil and gas operator DNO is once again tempting the management of Faroe Petroleum with a takeover offer of GBP 445, informs DNO in a stock exchange notice.

The bid amounts to GBP 1.52 per share, thus valuating the acquisition target at GBP 445 million. DNO's bid is a reiteration of its offer made some weeks ago – a bid Faroe rejected.

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