Publication Date:
Mon, 2011-09-05 16:48
“The transaction values DNO International at $1.64 billion corresponding to NOK 9.50 per share and RAK Petroleum’s operating subsidiaries at $250 million (before working capital adjustments),” the company said.
DNO, which agreed in July to buy the assets in return for DNO shares, said then new shares would be issued in a price range of 8.25 to 10 crowns against RAK assets valued at $250 million to $300 million.
DNO is valued at $1.64 billion in an all-share acquisition of oil and gas fields from its main shareholder under the agreement, some 75 percent over its market value, the company said on Monday.
DNO added that the boards of the companies had approved the transaction and offered revised values for the deal.
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