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.

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