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DNO succeeds in $818 million hostile takeover of Faroe

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DNO Petroleum succeeded in forcing a hostile takeover of the Aberdeen-based North Sea explorer Faroe Petroleum on Jan. 9. The latter’s board told shareholders to accept DNO’s offer of 160 pence in cash, up from 152 pence, valuing Faroe at $818.4 million (£641.7 million). Olso-based DNO assumed statutory control of Faroe after accumulating 52.44% of the AIM-listed company’s shares through purchases and support. On Jan. 16, Faroe confirmed that DNO now held 75% of......
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