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ENOC secures support for Dragon Oil takeover with improved offer

Reuters - UK Focus

LONDON, Aug 2 (Reuters) - Emirates National Oil Co Ltd (ENOC) on Sunday raised their takeover bid for Dragon Oil Plc (LSE: DGO.L - news) to 800 pence per share - a price which won the backing of the oil producer's two largest minority shareholders.

In a statement on Sunday ENOC said the increase had won the support of the required majority of Dragon oil shareholders, and declared the offer its best and final bid. ENOC had previously bid 750 pence per share.

Dubai-based ENOC, which owns 54 percent of Dragon Oil, needs acceptance from another 23 percent of the company's shareholders for the takeover to go through. It said it had achieved 29.92 percent shareholder acceptance and intended to delist the firm shortly.

The statement included endorsements from the new offer from large minority shareholders Baillie Gifford and Elliott Capital Advisors. (Reporting by William James, editing by William Hardy)