SEOUL, Sept. 24 (UPI) -- The Korean National Oil Corp. said Friday Dana Petroleum Plc shareholders who did not relinquish their shares would be the poorer for it.
Continuing to pressure shareholders after securing 64.25 percent of Dana's shares in an on-going hostile takeover, KNOC said, "Once the company (Dana) is delisted, the value and liquidity of shares still held by shareholders will significantly decrease," the Yonhap news agency reported Friday.
KNOC, which said it would delist Dana when it acquired 75 percent of the company, "strongly urges" shareholders to accept its tender offer, the state-run oil company said in a statement.
The takeover is expected to cost $2.6 billion or $28.18 per share, making it the largest hostile takeover KNOC has attempted, Yonhap said.
UPI
