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DNO International pulls Cavalley bid

DNO International, the Norwegian independent with major assets in Kurdistan, announced today that based on recent news from Calvalley Petroleum, it has currently decided not to proceed with its unsolicited all-cash offer on 5 July to acquire Calvalley for CA$2.30 a share.

DNO International, the Norwegian independent with major assets in Kurdistan, announced today that based on recent news from Calvalley Petroleum, it has currently decided not to proceed with its unsolicited all-cash offer on 5 July to acquire Calvalley for CA$2.30 a share.   In a statement to the Oslo Stock Exchange, DNO says it is pulling its bid after subsequently discovering that a partner with Cavalley at the firm’s Malik Block 9 joint venture in Yemen was looking to sell its 25% stake.  

Cavalley has an option to step in and buy all or part of its minority partner’s stake to add to its own interest, which DNO says Cavalley’s board is now considering. 

Source : Neftegaz.RU