The board of Gulf Keystone has rejected DNO ASA's proposal to acquire the total share capital of the company, which it received by letter on July 28.
“Completion of the restructuring best serves our stakeholders and we will not engage in any additional process that causes the company to be distracted from that objective. The company has responded to DNO accordingly,” Gulf Keystone said in a company statement.
DNO's proposal was conditional upon the successful completion of the ongoing Balance Sheet Restructuring Transaction announced by Gulf Keystone on July 14.
“In light of the importance of the proposed Restructuring for all stakeholders, the board continues to strongly recommend that shareholders vote in favour of the resolution to authorize the increase in the company's share capital, to be proposed at the Special General Meeting, in order to implement the Restructuring,” Gulf Keystone added.
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