India, Sept. 4 -- DNO ASA revealed on Friday that it will not make an offer to acquire Genel Energy plc (GEGYF.PK,GENL.L), ending weeks of speculation after its subsidiary DNO Iraq AS had floated a possible bid.
The Norwegian oil and gas group had proposed 69 pence per Genel share in cash, with a cash-and-share alternative, arguing the deal would deliver a premium to Genel's undisturbed share price and provide certainty of value despite uncertainty over its sole revenue-generating asset.
DNO said its proposal would also have offered Genel shareholders liquidity in a stock with poor trading volumes, and the option to join a larger, diversified business with a track record of dividend payments.
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