Korea National Oil Corp., or KNOC, said in a statement Friday it has acquired nearly one third of the equity in Dana Petroleum PLC (DNX.LN) at 1800 pence per share.
Korea National Oil Corp., or KNOC, said in a statement Friday it has acquired nearly one third of the equity in Dana Petroleum PLC (DNX.LN) at 1800 pence per share.

The state-owned South Korean oil company has acquired 27.3 million -- or 29.5% -- of Dana's shares in the market at that price, it said in a stock exchange statement. It urged shareholders in Dana who wish tender their shares to do so by no later than 1200 GMT on Sept. 23. KNOC reiterated that its offer for Dana is "full and final" and won't be increased, but reserves the right to increase the offer in the event of an offer from a third party.

KNOC Aug. 20 launched a GBP1.87 billion hostile bid for Aberdeen, Scotland-based oil exploration firm Dana and said it had secured support from investors representing just under half of Dana's equity.

KNOC first approached Dana in July, but talks broke down when the two companies failed to agree a price.

Since the hostile offer, Dana published a detailed document explaining why the GBP1.87 billion offer significantly undervalues the company. Dana cited an independent expert, its own oil output forecasts and exploration updates to persuade the market of its value.

Shareholders apparently weren't convinced of the GBP22.70 to GBP24.65 valuation placed on the company by Dana and its expert -- the day after the publication of the report Dana's shares were trading below 1800 pence.

It remains unclear how much support KNOC has received from investors who haven't yet tendered their shares. Representatives for KNOC didn't immediately return calls seeking comment.

Dana Petroleum couldn't immediately be reached for comment Friday.

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