Dana Petroleum shares plunged 10%, or 173p, to £15.20 after the company said Korea National Oil Corp. indicated it wouldn't raise its offer for the oil company.
Dana had received a £1.67bn bid from the Korean company last month, which valued Dana shares at £18.
"KNOC communicated that it would be unwilling to increase the level of its Proposal regardless of any new information it may be given," the company said in a statement. "It is very clear to the Dana Board that KNOC is also unwilling to ascribe any value to Dana's ongoing business development programme, despite KNOC being aware of significant, well advanced, non-public and valuable activities in this area, which could materially increase Dana's oil production and reserves in the near term."
