November 26, 2018 / 5:01 PM / 19 days ago

Faroe Petroleum rejects DNO's hostile bid

Nov 26 (Reuters) - Faroe Petroleum rejected a hostile bid from Norway’s DNO on Monday, saying it substantially undervalued the company.

Faroe said the company was worth substantially more than the 152p per share offered.

“We urge shareholders to reject DNO’s opportunistic, unsolicited and inadequate offer,” Faroe said. (Reporting by Sangameswaran S in Bengaluru; Editing by Jan Harvey)

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