Korea National Oil Corp. rules out higher bid for UK’s Dana Petroleum

KNOC rules out higher bid for UK’s Dana Petroleum

LONDON — Korea National Oil Corp. says it won’t raise its hostile takeover bid for Britain’s Dana Petroleum.

The statement released Thursday follows Dana’s publication of a defense document which argued that the company was worth significantly more than KNOC’s offer of 1.87 billion pounds ($2.9 billion), or 1,800 pence per share.

Dana says the company is worth at least 2,270 pence per share.

But KNOC says it has already raised its offer once, by 100 pence per share, and won’t go any higher unless another bidder emerges.