Faroe Petroleum’s board has conceded defeat in its fight against a takeover bid by Norwegian oil explorer DNO.
The company’s board has now told shareholders to accept DNO’s “final offer” made last night.
It comes after DNO this morning increased its shares in Faroe to more than 50%.
Faroe said that as the bid will now become “wholly unconditional”, its directors will be accepting the offer and told shareholders to do the same.