http://www.mystockbuddy.com/forum/ Breaking News? Post it Here! (Please Provide a Link) en Wed, 08 Sep 2010 08:23:04 GMT vBulletin 60 http://www.mystockbuddy.com/forum/images/ca_evo_db/misc/rss.jpg http://www.mystockbuddy.com/forum/ http://www.mystockbuddy.com/forum/facts/3569-dana_petroleum_hostile_bid.html Fri, 20 Aug 2010 07:15:33 GMT Can't find a thread for this so posted as a news item:-

Hostile Koreans bid £1.9bn for Dana
Fri 20 Aug 2010


LONDON (SHARECAST) - South Korea's state-run oil company KNOC has launched a hostile £18 a share cash bid for Dana Petroleum, valuing the Aberdeen-based oil company at £1.87bn.

“We believe that our offer of 1,800 pence per share fully and fairly reflects all of Dana's recently announced and ongoing developments, together with its exploration potential,” said Seong-Hoon Kim, senior executive vice president of KNOC.

“We believe that we have no alternative other than to put our attractive proposal directly to shareholders given the inability to reach a private agreement with the board of Dana.”

The Koreans have received letters of intent in support of the bid from those owning 48.6% of Dana – 21.2% in shares and 27.4% through CFDs.

Dana and KNOC have been at odds over the price and the terms of due diligence.

Earlier this month, Britain’s largest independent North Sea oil producer said it invited KNOC to conduct due diligence once the parties sign a non-disclosure agreement, while KNOC refuses to conduct due diligence without Dana's recommendation of its previously-flagged £18 a share proposal.


Article LINK

Currently trading just shy of £17 pps

Google link

Company's website

One to watch unfold.

JonW ]]> Facts JonW http://www.mystockbuddy.com/forum/facts/3569-dana_petroleum_hostile_bid.html