January 8, 2019 / 5:11 PM / in 5 months

DNO raises cash offer for Faroe Petroleum

Jan 8 (Reuters) - Norwegian oil company DNO ASA said on Tuesday it raised its cash offer for Faroe Petroleum Plc to 641.7 million pounds ($816.1 million), after the British firm rebuffed its acquisition offer earlier.

The new bid, which offers Faroe shareholders 160 pence per share, represents a premium of 4.2 percent to the company’s Tuesday close of 153.6 pence. ($1 = 0.7863 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)

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