The Norwegian raider battling for control of Faroe Petroleum has switched tack after failing to win over most of the North Sea explorer’s shareholders by its initial deadline. DNO had threatened to walk away from its £610 million hostile bid for the Aim-listed group if it did not secure more than 57.5 per cent of Faroe’s shares by Wednesday. It said that it had only 43 per cent, having secured acceptances from 13.1 per cent of shareholders in addition to the 29.9 per cent it owned. Far from ditching the bid, it said it was “not going away” and began buying shares in the market — taking it over the 30 per cent threshold that forced it to issue a mandatory offer under UK takeover rules.…

Source: The Times January 04, 2019 00:00 UTC