Dana Petroleum has told shareholders to accept Korea National Oil Corporation's (KNOC) £18 a share bid after the state-run company boasted acceptances of over 64%.

The Koreans declared their offer wholly unconditional this morning, a month after they went hostile when Aberdeen-based Dana snubbed their advances.

Dana chairman Colin Goodall still believes the company has a "bright future" and would have continued to keep growing strongly as an oil and gas independent, but he acknowledged the end is nigh.

"In light of KNOC's stated intention to de-list the company, today we are reluctantly recommending that shareholders accept KNOC's offer because we believe that this is now in the best interests of the significant number of Dana shareholders who have supported the company and not yet accepted," he said.

KNOC claims acceptances have reached 64.26% of Dana's existing share capital, and it has now waived the 90% acceptance condition included in its offer document.

As at yesterday lunchtime - the first closing date of the offer - they'd received valid acceptances from Dana shareholders representing almost 35% of the company, a week after buying a 29.5% stake in Britain's largest independent North Sea oil producer at the bid price.

KNOC also has valid letters of intent from others worth another 3% and almost 80% acceptances from convertible bondholders.

Related share prices
Dana Petroleum (DNX) share price