South Korea’s national oil firm exhibited its hostility towards £18-a-share proposal upon Dana Petroleum yesterday after the FTSE 250-listed firm’s administration did not accept the offer a week prior when the tender was presented.

The 28-day-term offer’s initial day saw Korea National Oil Corporation saying that it had been offered with letters of intent in support of the proposal from Dana shareholders, which represented almost 49% of the stock.

The tender valued Dana at almost £1.87bn, at a 59% premium to Dana’s £11.51 stock price, which is the day prior to KNOC’s preliminary approach towards the concluding parts of the month of June.

A Senior Executive at KNOC, Seong-Hoon Kim, said that the Korean association was not at all content with the proposal.

Dr. Kim said that there was no other alternative but to place the attractive tender in front of investors, but under the circumstances of incapability at reaching a private accord with the board of Dana.

Tom Cross, Dana’s Chief Executive, and the management have almost all the time found themselves in conflict with KNOC ever since the proposal had been made.

Dana’s shares closed in a safe place after reached a 6% high or 103p, at 1,798p.