KNOC Launches $2.9B Takeover Bid For UK's Dana

Law360, New York (August 20, 2010, 12:16 PM EDT) -- State-owned Korea National Oil Corp. said Friday it had made a takeover offer for U.K. oil company Dana Petroleum PLC in a proposal that values the company at about £1.87 billion ($2.9 billion).

KNOC said it had received letters of intent in support of the 1,800 pence-per-share offer from holders of about 48.62 percent of interest in Dana shares, including holders of long positions in the Aberdeen, Scotland-based company.

The offer represents a 59 percent premium over the closing midmarket price of Dana shares on June...
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