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Dana Petroleum (LON:DNX.L) report: Cash offer terms
August 20, 2010, Friday, 16:40 GMT | 11:40 EST | 21:10 IST | 23:40 SGT
By Daniel Stewart & Co
- KNOC announces the terms of a cash offer for Dana Petroleum valuing the company at ?1.87bn
- KNOC have received letters of support from 48.62% of shareholders
- Cash offer of 1,800p/share which KNOC believes to be full and fair for its entire portfolio of production, development and exploration assets
- Convertible bond holders will receive ?141.5 for every ?100 they hold
- KNOC does not envisage material changes to the operations of the company
- KNOC is disappointed that the board did recommend the transaction and consequently felt they had to go directly to shareholders
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