Remaining Dragon Oil shares will be acquired by compulsory purchase

Dragon Oil shares will delist by September 7, and the offer closes a week later
Remaining Dragon Oil shares will be acquired by compulsory purchase
ENOC began the process with 54% of Dragon Oil

Dragon Oil (LON:DGO) this morning confirmed that the takeover offer from Emirates National Oil Company (ENOC) will now proceed to compulsory purchase.

After raising the offer price to 800p, from 750p, earlier this month ENOC has now secured 90% of Dragon Oil’s listed shares - prior to launching the takeover ENOC already owned 54% of the company.

Having previously secured the majority of the listed shares, thus taking its stake beyond 75%, ENOC pushed ahead with its plans to delist Dragon Oil.

It is currently scheduled that Dragon Oil shares will removed from the stock exchange by September 7 – the last day to sell in the market would be September 4 – whereas the takeover would remain open until September 14.

After that any remaining shares would be purchased on a compulsory basis.

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