If Faroe Petroleum's board of directors is to recommend its shareholders to accept DNO's acquisition offer, the price must be considerably higher.
This was the message after Faroe Petroleum published an independent valuation of the company, put together by Gaffney, Cline & Associates (GCA). The analysis values Faroe Petroleum in the range of USD 879 million to USD 1.08 billion, corresponding to a share value of GBP 1.86 to GBP 2.25, significantly higher than GBP 1.52 per share so far offered by DNO.
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