Hostile bidder launches final push in £608m bid for oil explorer Faroe

Hostile bidder DNO made a final push in its £608 million move for North Sea oil firm Faroe Petroleum on Thursday after lowering the threshold to win control of the company.

DNO bought more Faroe shares to own 30% of the company, triggering a mandatory offer for the business.

That means the Norwegian suitor needs to win over 50% of shares. Under the previous terms of a takeover that was launched in late November the level was 57.7%.

The acceptance date has also been extended until 1pm on January 18 after an initial deadline expired yesterday.

“Even if DNO’s offer lapses or is allowed to lapse, DNO is not going away,” said the company’s executive chairman Bijan Mossavar-Rahmani.

“For too long shareholders have given the Faroe board of directors a free pass.”

DNO has sewn up 43% of shares in support of the 152p per share offer.

DNO must walk away for 12 months if it is unsuccessful.

The company snapped up the additional Faroe shares for between 147p and 148p per share, taking its stake from 29.9% to 30%.