Dana Petroleum and Korea National Oil

abarrelfullabarrelfull wrote on 20 Aug 2010 06:45
Tags: and dana korea m&a national oil petroleum

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The Cairn / Vedenta deal is all nice and friendly, but there is another one which is not proceeding so nicely.

It has always been the desire of KNOC to agree a recommended transaction with the Board of Dana and KNOC is very disappointed that the Board of Dana does not agree that 1,800 pence per share represents a full and fair value for the Company.

Dana Petroleum has rejected KNOC's offer, saying it undervalues the firm. Now KNOC is going over the heads of the management, and making the offer direct to the shareholders.

The offer share price remains unchanged at £18 a share, a significant premium on the recent shareprice.

I have no idea whether it is a fair price, or whether it will succeed, but I do know one thing. This is the start of a trend. If you look at the massive deals going on, the flush of liquidity is fueling an unusual amount of M&A.

Look for other independent E&P companies, with quality assets, to be approached by some of the big boys.

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