January 9, 2019 / 10:49 AM / 4 months ago

Faroe Petroleum board tells shareholders to accept DNO's hostile bid

LONDON (Reuters) - Faroe Petroleum’s FPM.L board told shareholders of the British company to accept a 160 pence per share offer from Norway’s DNO (DNO.OL), whose hostile takeover bid on Wednesday secured DNO’s control over Faroe.

“The Board now recommends that, given the Final Offer will become wholly unconditional, shareholders should accept the Final Offer, as Faroe directors intend to do in respect of their own beneficial holdings,” Faroe said.

“The Board also notes that DNO has indicated that it expects to make changes to the Faroe Board and the Board therefore considers there to be no assurance that Faroe would continue to maintain its current corporate governance culture.”

Reporting by Shadia Nasralla, editing by Louise Heavens

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