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DNO announced Monday that the company would bid for all shares of Faroe Petroleum.
The Board of Directors of Faroe Petroleum recommends to its shareholders not to accept the offer, says the message.
"The board firmly believes that the offer is opportunistic and greatly underestimates Faroe, and we urge all shareholders to do nothing," writes the board, saying DNO's "opportunistic offers" significantly undermine Faroe Petroleum .
The board also believes that the offer does not appreciate Faroe's "promising outlook" and believes that since its first acquisition of shares in April, DNO has made considerable progress.
"We believe that Faroe is worth more than 152 pence per share and we encourage shareholders to reject opportunistic, unwanted and inappropriate DNO offers," said chairman John Bentley in a comment.
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