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  3. Faroe Petroleum Plc Share Price
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  5. Faroe Petroleum Says DNO Share Purchase From Delek Undervalues Company (ALLISS)

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Faroe Petroleum Says DNO Share Purchase From Delek Undervalues Company (ALLISS)

Wed, 04th Apr 2018 18:26

LONDON (Alliance News) - Faroe Petroleum PLC said Wednesday it has had "no discussions" with either DNO ASA or Delek Group Ltd over transactions in Faroe's shares.

On Wednesday morning, DNO said it had agreed to buy a 15% stake in Faroe from Delek. The deal covers 56.4 million Faroe shares, with the price being 125.00 pence per share, giving a total of GBP70.4 million.

Norwegian oil and gas firm DNO then earlier Wednesday afternoon invited Faroe shareholders to tender up to 10% of the latter's shares, whilst also saying it will not make an offer for the company.

DNO has engaged Pareto Securities AS to run the reverse bookbuild to acquire up to a further 10% of Faroe, with the price to be determined at a later stage, and the bookbuild will close by 0700 BST Thursday.

Faroe said it considers the price at which DNO purchased the shares from Delek to "substantially" undervalue the firm and its prospects.

Faroe shares closed up 12% on Wednesday at 117.80p.

More News
8 Jan 2019 17:17

UPDATE: DNO Raises Faroe Petroleum Offer To 160 Pence Per Share

LONDON (Alliance News) - Norwegian oil & gas firm DNO ASA on Tuesday increased its final cash offer for Faroe Petroleum PLC to 160 pence per share from 152p and criticised Faroe's amid the

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8 Jan 2019 09:49

DNO Says Faroe Petroleum Failed To Reveal Oda Field Reserves Downgrade

LONDON (Alliance News) - DNO ASA said Tuesday that a reserves downgrade at Faroe Petroleum PLC's Oda field by Norwegian Petroleum Directorate raises concerns over Faroe's future expected a

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4 Jan 2019 08:24

Norwegian Firm DNO Ups Stake In Takeover Target Faroe Petroleum

LONDON (Alliance News) - DNO ASA said Friday that it has further increased its stake in hostile takeover target Faroe Petroleum PLC to 30.6%.The Norwegian oil and gas operator acquired a on

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3 Jan 2019 11:18

UPDATE: Faroe Petroleum Pushes Back As DNO Offer Becomes Mandatory (ALLISS)

LONDON (Alliance News) - DNO ASA on Thursday said that it increased its stake in Faroe Petroleum PLC to 30% and, as a result, its GBP567 million takeover offer for UK-listed oil and gas company is

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3 Jan 2019 10:06

DNO extends 152p a share offer for Faroe Petroleum

(Sharecast News) - Norwegian oil producer DNO has extended its 152p a share takeover offer for Faroe Petroleum by two weeks to 18 January.

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3 Jan 2019 09:29

DNO Takeover Offer For Faroe Becomes Mandatory As Stake Exceeds 30% (ALLISS)

LONDON (Alliance News) - DNO ASA on Thursday said that it increased its stake in Faroe Petroleum PLC to 30% and, as a result, its GBP567 million takeover offer for UK-listed oil and gas company is

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3 Jan 2019 07:39

LONDON MARKET PRE-OPEN: Next Festive Sales In Line But Outlook Lowered

LONDON (Alliance News) - Stock prices in London are set to open lower on Thursday after a volatile session on Wednesday, which saw the FTSE 100 rally from substantial early losses to close in the

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2 Jan 2019 08:15

Faroe Petroleum's Asset Valuation At Premium To DNO's Takeover Offer

LONDON (Alliance News) - UK and Norway-focused oil and gas company Faroe Petroleum PLC on Wednesday published an independent valuation of its assets, which is said to highlight the inadequacy of a

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2 Jan 2019 07:41

LONDON MARKET PRE-OPEN: Lower Call; Ophir Energy Gets Takeover Offer

LONDON (Alliance News) - Stock prices in London are seen opening lower on Wednesday as markets reopen after the New Year's Day holiday, with Asian stocks having fallen overnight following a of

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27 Dec 2018 15:09

Faroe Petroleum holds firm as DNO urges shareholders to accept offer

(Sharecast News) - Norwegian oil producer DNO has encouraged the shareholders of Faroe Petroleum to accept its 152p a share offer by 2nd January.

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20 Dec 2018 11:13

Faroe Petroleum rebuffs DNO offer again, urges shareholders to reject it

(Sharecast News) - Faroe Petroleum once again rejected an offer from Norwegian oil producer DNO on Thursday, dismissing it as "opportunistic" and urging its shareholders to do nothing.

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12 Dec 2018 14:29

UPDATE: Faroe Petroleum Still Thinks Hostile DNO Offer "Opportunistic"

LONDON (Alliance News) - Faroe Petroleum PLC on Wednesday said it noted DNO ASA's offer and encouraged its shareholders to take no action.The oil & gas company reaffirmed that offer

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12 Dec 2018 13:38

Norway's DNO confirms 152p a share takeover bid for Faroe Petroleum

(Sharecast News) - DNO has confirmed its 152p per share cash offer for Faroe Petroleum.

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12 Dec 2018 10:53

DNO Urges Faroe Petroleum Shareholders To Take Up "Rare" Opportunity

LONDON (Alliance News) - DNO ASA on Wednesday said its hostile takeover offer for Faroe Petroleum PLC is a "rare opportunity" for shareholders to exit the company.Despite Faroe of

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5 Dec 2018 15:17

Faroe confirms commencement of Cassidy well

(Sharecast News) - Independent oil and gas company Faroe Petroleum announced the commencement of the Cassidy exploration well 8/10-7 S in the Norwegian North Sea on Wednesday, where it has a 15% working interest.

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