ShippingWatch

Faroe Petroleum rejects acquisition offer

Faroe Petroleum, independent oil and gas company, continues its battle against what it refers to as an opportunistic acquisition offer.

Photo: Hjalmar Otto Fjøsne/Aker Solutions

If Faroe Petroleum's board of directors is to recommend its shareholders to accept DNO's acquisition offer, the price must be considerably higher.

This was the message after Faroe Petroleum published an independent valuation of the company, put together by Gaffney, Cline & Associates (GCA). The analysis values Faroe Petroleum in the range of USD 879 million to USD 1.08 billion, corresponding to a share value of GBP 1.86 to GBP 2.25, significantly higher than GBP 1.52 per share so far offered by DNO.

Read the whole article

Get 14 days free access.
No credit card required.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

New Pacific Basin CEO presents strategy in first public appearance

Martin Fruergaard has presented his key strategy in his first public appearance as the new CEO of Hong Kong-based Pacific Basin. The dry bulk operator has posted unusually strong half-year results on the back of a market upturn that by all appearances has only just begun.

Finnlines sees gains despite Covid-19 restrictions

Ferry and RoRo operator Finnlines saw growth in several areas in the second quarter of the years although the Covid-19 continues to put pressure on the passenger business. Larger cargo volumes helped boost the revenue.

Further reading

Related articles

Trial banner

Latest news

See all jobs