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Genel Energy Says Board Remains Confident in Strategy After DNO Withdraws Bid

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Genel Energy (GENL.L) said Friday its board remains confident in its strategy and prospects for long-term value creation following Norwegian oil and gas operator DNO's (DNO.OL) decision not to pursue an offer.

The London-listed oil and gas producer, which previously rejected DNO's unsolicited proposal of 0.69 pound sterling per share, continues to believe that the possible offer "fundamentally undervalued" the company, its asset base, financial position and prospects.

Genel Energy added that DNO's bid provided no basis for engagement.

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