December 20, 2018 / 7:23 AM / a year ago

Faroe Petroleum rebuffs DNO offer again as 'inadequate'

Dec 20 (Reuters) - Britain’s Faroe Petroleum freshly rejected a hostile bid by Norway’s DNO on Thursday, which it said was “inadequate” and substantially undervalued the Aberdeen-based firm.

DNO last week maintained its offer to buy Faroe, valuing the company at about 610 million pounds ($772.63 million) or 152 pence per share, insisting it was an attractive offer despite its rejection by Faroe’s board. ($1 = 0.7895 pounds) (Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru; Editing by Sai Sachin Ravikumar)

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