Dragon Oil’s shares soar as firm accepts takeover offer

Shares in Dublin-listed exploration firm Dragon Oil hit a record high, yesterday, as the company agreed to improved takeover terms tabled by its majority shareholder.

The Emirates National Oil Company (ENOC) yesterday announced that an improved bid of £7.50 per share for the 46% of Dragon it does not already own had been accepted by Dragon’s independent committee in charge of considering the proposal.

The renewed offer values Dragon at £3.7bn (€5.1bn) and marks an improvement on the £7.35 per share/£3.6bn proposal put forward last month. It values those parts of the company not currently controlled by ENOC at £1.7bn.