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Exclusive: ENOC reacts to Dragon offer rejection
ENOC has declared itself a “committed long term majority shareholder in Dragon Oil” despite the firm having a bid rejected to buy out the remaining shares of the company.
The firm had its offer of 455p a share rejected at a London meeting this week and in a statement made to ArabianOilandGas.com, the firm revealed: “We acknowledge that the deal has not been voted through. We were confident of a successful outcome, particularly following the recommendation by the
Independent Committee. We also noted that RiskMetrics Group had recommended to shareholders to vote for the recommended transaction and offer price.”
ENOC also revealed the firm is not under pressure to sell its current shares in Dragon, despite the tough economic crisis. “The wider economic back-drop in Dubai has not affected our ability to complete this transaction,” it stated.
The government backed firm was also cagey about the prospects of another bid for the remaining Dragon Oil shares: “ENOC cannot comment as to whether or not it may entertain making an offer to acquire the outstanding shares in Dragon Oil.”
ENOC also refused to comment on its future expansion and acquisition plans.