Dana Petroleum is worth at least 18% more than the “opportunistic and inade- quate” hostile offer made by Korea National Oil Corp. (KNOC) last month, Dana Chief Executive Tom Cross says. The assertion comes in a bid-defense document published Wednesday designed either to fend off KNOC or force it to raise its bid from the current ￡18 ($28) per share, which values the UK upstream firm at ￡1.87 billion.
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