DNO ASA’s presenting an offer to acquire all shares of Faroe Petroleum plc

Ashurst and K&L Gates are advising Faroe Petroleum in relation to an unsolicited offer for the company, recently announced by DNO ASA.

DNO acquired a 28.2% stake in Faroe in April 2018 and on 26 November announced its firm intention to make an offer of 152p in cash, valuing Faroe at approximately £608 million.

The directors of Faroe have urged shareholders to take no action in relation to the offer and have stated that they consider Faroe to be worth substantially more than 152p per share.

Faroe is an independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK. Its shares are quoted on the AIM Market of London Stock Exchange.

The Ashurst team is being led by corporate partner Tom Mercer (picture), supported by associates Aimee Carroll-Hewitt and Amy Coleman with trainee solicitor Paul Ryan-Brown.

The K&L Gates team is being led by Paul Tetlow, Head of the Corporate Group in London, supported by partner James Green and trainee solicitor Jack Salter.

Rothschild & Co, Stifel, BMO and FTI are also advising Faroe.

Involved fees earner: Paul Tetlow – K&L Gates; James Green – K&L Gates; Jack Salter – K&L Gates; Tom Mercer – Ashurst; Aimee Carroll-Hewitt – Ashurst; Amy Coleman – Ashurst; Paul Ryan-Brown – Ashurst;

Law Firms: K&L Gates; Ashurst;

Clients: Faroe Petroleum;