Dragon Oil shareholders reject Enoc takeover offer as below fair value | The National:
"Emirates National Oil Company’s (Enoc) fight to own Dragon Oil outright hit another bump yesterday when the Dublin-listed explorer’s second-largest minority shareholder argued that the offer is too low.
Enoc said, however, that it did not expect the efforts of Dragon Oil’s two largest minority shareholders – the investment funds Baillie Gifford of Edinburgh and Setanta Asset Management of Dublin, which collectively own just more than 10 per cent of the company – to be enough to rally support to block its buyout offer.
In two previous notes to investors, Richard Sneller, Baillie Gifford’s head of emerging markets, argued that Enoc’s offer of 750 pence a share for the 46 per cent of Dragon Oil it did not already own was below “fair value”."
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