… it is now.
Well, sort of.
We are hearing KNOC and its advisers Merrill Lynch swept the market for a 29.9 per cent stake in Dana Petroleum on Friday morning. The trades haven’t printed yet but they will.
Merrill is believed to have bought stock from shareholders who had already pledged to back KNOC’s £18 per share offer for the oil explorer.
KNOC had letters of intent from 48.6 per cent of Dana’s shareholders to accept the offer, which put them in a very strong position to close the deal.
By acquiring stock on Friday it has reaffirmed its to commitment to the deal and signalled that it wants to complete the acquisition of Dana as soon as possible. The reason Dana didn’t buy more shares – ie go above 30 per cent – is that it would have triggered a mandatory offer and that would have reset the takeover timetable.
Shares in Dana are up 4p at £17.91 at pixel time.