DealZone
Behind the deals and deal-makers
Slaying Goliath to save the Dragon
In the blue corner – Emirates National Oil Company (ENOC), which recently hired proxy solicitation firm Georgeson to get out the shareholder vote in favour of its $1.9 billion bid to buy out the 48 percent of Dragon Oil it doesn’t already own. (Georgeson say they are the oldest and best shareholder consultancy in the business, and helped engineer a record turnout for the HBOS AGM that approved Lloyds’s takeover of the bank.)
In the red corner – retail investors keen to “Save Dragon Oil”. Armed with a website and a 3,000-page printout detailing of the Turkmenistan-focused oil explorer’s investors…
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Um ……. ‘dragon down’! ~
Congratulations to the operators of http://www.savedragon.com.ENOC’s bid, which has already been rejected by some of the larger minority shareholders and appears to be based upon what ENOC can afford rather than what is it worth. The bid is opportunistic and seriously undervalues the company.