November 26, 2018 / 7:31 AM / 19 days ago

DNO offers to buy Faroe Petroleum for $780 mln in cash

LONDON, Nov 26 (Reuters) - Norway’s DNO has offered to buy Faroe Petroleum for 152 pence per share in cash, valuing the London-listed company at 607.9 million pounds ($779.81 million), DNO, which already owns just over 28 percent of Faroe, said on Monday.

“The Offer Price represents a premium of 44.8 percent to Faroe’s share price of 105 pence at the close of business on 3 April 2018, the last business day before DNO announced its first acquisition of shares in Faroe,” DNO said.

Faroe’s shares closed at 125.8 pence on Friday, which gives the offer a 20.8 percent premium. ($1 = 0.7795 pounds) (Reporting by Shadia Nasralla, editing by Louise Heavens)

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