Britain's Faroe Petroleum freshly rejects hostile bid by Norway's DNO

Britain's Faroe Petroleum freshly rejected a hostile bid by Norway's DNO on Thursday, which it said was "inadequate" and substantially undervalued the Aberdeen-based firm.

DNO last week maintained its offer to buy Faroe, valuing the company at about 610 million pounds ($772.63 million) or 152 pence per share, insisting it was an attractive offer despite its rejection by Faroe's board. ($1 = 0.7895 pounds)