[August 25, 2010] Dana Petroleum Advised Shareholders Not To Take Action On KNOC's Bid (DNX) Tweet Aug 25, 2010 (SmarTrend News Watch via COMTEX) -- Dana Petroleum (NYSE:DNX) advised its shareholders not to take action on the 18 euro per share offer that was formally posted by Korea National Oil Corp., also known as KNOC, according to a Wall Street Journal report. KNOC's bid has been on the table for several weeks as the state-owned company held out for a recommendation from Dana's board of directors before proceeding with a formal takeover process. KNOC approached shareholders directly after not receiving a recommendation. The company obtained support through letters of intent from 48.6% of the stakeholders, which includes Schroders Investment Management, BlackRock Investment Management and JP Morgan Asset Management. "The board of Dana advises Dana shareholders and convertible bond holders to take no action in respect of the offers prior to Sept. 8," Dana said, responding to the publication of KNOC's offer on Wednesday. The company has 14 days, until Sept. 8, to put in its defense to KNOC's offer. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup [ Back To TMCnet.com's Homepage ]