Dana is under fire after it rejects KNOC

first_img Share Dana is under fire after it rejects KNOC whatsapp DANA Petroleum’s embattled board came under fresh fire from shareholders and City analysts yesterday as it dug in its heels against a £18-a-share takeover bid from rival Korea National Oil Corporation (KNOC).Dana said bid talks had stalled after KNOC “failed to recognise the value of the company’s recent developments and work in progress”. The move leaves the future of the tie-up teetering perilously on the brink, with KNOC mulling whether to walk away or go hostile. The Korean firm is thought to be unlikely to raise its already-sweetened offer, given it has the support of many of its target’s shareholders. Dana has faced growing pressure in recent weeks from investors, including its largest shareholder Schroders, to come to the table at a level of £18, which many believe represents fair value for the shares.Its rejection of the offer yesterday leaves Dana’s suitor “considering its options”, KNOC said, reiterating that it believes that the £18-a-share offer “fully and fairly reflects all of the company’s recently announced and ongoing developments, together with its exploration potential”. Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 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.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org whatsapp Thursday 12 August 2010 8:27 pm KCS-content Tags: NULL Dana argued yesterday that it had offered to open up its books to KNOC to start due diligence, blaming its rival for jeopardising the process by refusing to sign a non-disclosure agreement (NDA). But critics of Dana’s chief executive Tom Cross remained staunchly unsympathetic to the company’s position, with one fund manager saying that KNOC would be perfectly entitled to refuse, given that such a move often precludes a company from subsequently launching a hostile bid. Dana’s shares initially tanked 12 per cent before finally closing just 3.72 per cent lower at £14.90 yesterday. last_img