“This” is the takeover by Korea National Oil Corporation (KNOC), which Dana chief executive Cross, 49, had been battling against vehemently since a £17-a-share approach arrived in June.
With Cross refusing to open Dana’s books to the bidder or engage in exclusive talks, KNOC reluctantly lodged the first hostile bid from a state-owned national oil company in August at £18 a share – a 59pc premium to the pre-approach price.
The bid had the backing of 48pc of Dana’s investors but Cross still held out for a higher price. With the City seeing the bid as a foregone conclusion, he was criticised for adopting a “obstreperous” and “cantankerous” attitude and The Daily Telegraph’s Business Editor, Alistair Osborne, wrote that Cross was either “laughably out of touch with his shareholders or a total genius”.
Sounds a bit like CTP and MB, .... 17 pounds compared to 20c, what a joke, Cottee opening the books to this cheap skate predator.
Ann: Notice of Extraordinary General Meeting/Proxy Form, page-9
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