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(Reuters) - Faroe Petroleum (FPM.L) rejected a hostile bid from Norway’s DNO (DNO.OL) on Monday, saying it substantially undervalued the company.
Faroe said the company was worth substantially more than the 152p per share offered.
“We urge shareholders to reject DNO’s opportunistic, unsolicited and inadequate offer,” Faroe said.
Reporting by Sangameswaran S in Bengaluru; Editing by Jan Harvey
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