Emirates National Oil Co. (ENOC) has beefed up its offer for Dragon Oil, earning the approval from minority shareholders.
ENOC issued a fresh bid for the firm offering 800 pence ($5.12). The offer follows a rejected June bid valued at 750 pence a share or £1.7billion.
Billionaire Paul Singer’s Elliot Advisors UK, which owns a 13.1% stake in Dragon Oil, has since accepted the new price.
ENOC chief executive Saif Al Falasi said: “We look forward to taking operational control of Dragon Oil and integrating the company into the ENOC Group, moving another step closer towards creating a fully integrated oil and gas company.”
If the takeover proves successful, it’s thought ENOC will delist Dragon Oil from the London and Dublin exchanges.
The two firms were previously locked in a battle of press statements.
Earlier this year ENOC publicily told Dragon Oil to reign in its production expectations.
The move came after Dragon Oil outlined plans to maintain a production rate of 100,000 bodpd for the next five years.
Since March, Dragon Oil’s shares have risen 44%.
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