Dana Fights $2.9B KNOC Bid, Buys Suncor UK Unit

Law360, New York (September 8, 2010, 3:08 PM EDT) -- Dana Petroleum PLC said Wednesday that a £1.87 billion ($2.9 billion) hostile bid from Korea National Oil Corp. undervalues the assets of the Scottish exploration company by 18 percent, following Dana's £240 million ($372 million) acquisition of a subsidiary of Suncor Energy Inc.

Dana released an “independent expert” report to shareholders that concludes the bid is “inadequate and fails to recognize Dana's existing value and strategic importance to KNOC.”

The state-owned South Korean oil company launched the takeover effort in August, saying it had received letters...
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