Dana will be sold at £1.9bn, market says

first_img whatsapp KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia INVESTORS and analysts said it was “game over” for Dana Petroleum last night after the state-owned Korea National Oil Corporation (KNOC) stuck with its £1.9bn takeover offer.KNOC called Dana’s bluff a day after the Aberdeen-based exploration company put out a defence document arguing for a much higher offer. Dana, led by pugnacious chief executive Tom Cross, had put the case for a bid of between £22.70 and £24.65 per share based on an independent valuation of its pipeline projects.But KNOC yesterday refused to raise its £18 per share approach. Emboldened by the absence of a counter-bidder, the Far Eastern sovereign firm gave shareholders until 23 September to accept its offer. It added: “KNOC does not require the support of the board of Dana to proceed with this transaction.”Dana shares fell 1.3 per cent to £17.85 as the market assumed a done deal at £18 per share. Investors, some of whom have been irked by Cross’ dogged refusal to engage with KNOC, said the Koreans were close to victory.One told City A.M.: “If 31 per cent of the shares are in the hands of arbs [hedge funds] and they tender their stock – which we intend to do too – it’ll quickly be more than 51 per cent and it’s game over for Dana.”Keith Morris at Evolution Securities said the market’s reaction pointed to a successful hostile buyout but suggested Cross would fight to the end. “He won’t give up easily,” Morris said. Share Dana will be sold at £1.9bn, market says center_img Thursday 9 September 2010 8:32 pm Show Comments ▼ More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comWhy people are finding dryer sheets in their mailboxesnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com whatsapp Tags: NULLlast_img read more