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Mon 3 Aug 2015 01:39 PM

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Dubai's ENOC secures support for Dragon Oil takeover

Emirates National Oil Co raises its takeover bid to 800p per share to win over two minority shareholders

Dubai's ENOC secures support for Dragon Oil takeover
(Bloomberg)

Emirates National Oil Co Ltd (ENOC) has raised its takeover bid for Dragon Oil Plc to 800 pence per share, a price that won the backing of the oil producer's two largest minority shareholders.

ENOC said in a statement on Sunday the increase had won the support of the required majority of Dragon oil shareholders and declared the offer its best and final bid. ENOC had previously bid 750 pence per share.

Dubai-based ENOC, which owns 54 percent of Dragon Oil, needed acceptance from another 23 percent of the company's shareholders for the takeover to go through. It said it had achieved 29.92 percent shareholder acceptance and intended to delist the firm shortly.

"With the level of acceptances now received, we have declared the offer unconditional in all aspects," said ENOC chief executive Saif Al Falasi.

The statement included endorsements from the new offer from large minority shareholders Baillie Gifford and Elliott Capital Advisors.

"We are now pleased to support the revised offer of 800 pence, which we believe represents an attractive exit price," Baillie Gifford said.

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