LONDON (Alliance News) - Norway's DNO ASA on Wednesday said it has bought a further 8.7% of Faroe Petroleum PLC, its GBP640 million takeover offer now has more than 50% acceptances.
The latest share purchase, at 160 pence, takes DNO's stake in Faroe to 39.3%. Faroe shares were trading at that price Wednesday, up 4.2%.
As of 1500 GMT on Tuesday, some 13% other shareholders had accepted DNO's offer. Combining this with DNO's stake means acceptances have now passed 50%, reaching 52%.
Last week, DNO bought further shares in Faroe, taking its stake to 30%.
On Tuesday this week, DNO increased its final offer for Faroe to 160p from 152p, criticising Faroe's management once again as it did so. This took the final offer value to GBP641.7 million.
