Another shareholder in explorer Dragon Oil said it would reject a takeover bid from controlling shareholder Emirates National Oil Company, that values Dragon at $3.9 billion.
Paris-based Carmignac Gestion said the bid undervalued Dragon's assets and prospects for growth, boosting the chances that ENOC will not succeed with its bid and may be forced to offer more cash.
"It will be tight," one source close to the process said.
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