Dana Petroleum Receives $2.9 Billion Offer From S.Korea's Knoc

Dana Petroleum (DNX), a British exploration company, received a hostile takeover bid of £1.87 billion ($2.9 billion) from South Korea's state-owned oil company Knoc.

The bid is worth £18 a share, a 59% premium over Dana Petroleum's share price before Knoc's interest was first made public, BBC News reported.

Dana Petroleum's board rejected Knoc's approaches earlier in the month, after the South Korean company refused to sign a confidentiality agreement.

Dana Petroleum said it "notes" the cash offer, and urged shareholders not to act until it releases an update on exploration and production activities later this month.

Still, Knoc says the bid has already have attracted the support of 46.8% of Dana Petroleum's shareholders, close to the 50% needed.