A takeover offer for Dragon Oil that values the company at more than €2.6 billion is final, the exploration firm said today.
Emirates National Oil Company (Enoc), which has made the bid for the group, told Dragon Oil's independent committee that its price of 455 pence per Dragon Oil share would not be increased.
Enoc already owns 52 per cent of Dragon. Its bid is conditional on acceptance from 75 per cent of the minority shareholders. However, investors representing around 12 per cent of the total share capital could block the deal.
The offer is recommended by the committee.
Some shareholders have said they will not back the deal. Last week, Dragon's largest minority investor Baillie Gifford & Co, whose funds own 4.2 per cent of Dragon, said it would reject the bid.
Separately, Paris-based Carmignac Gestion said the bid undervalued Dragon's assets and prospects for growth.
Portfolio Manager Xavier Hovasse said in an email that funds under his firm's management owned 4.3 million shares, or 0.83 per cent of Dragon's issued shares.