In an attempt to evade KNOC’s share transaction for a while, Dana Petroleum, the UK oil and gas production Company, announced yesterday that it has witnessed a rise in profits that almost ‘quadruples’ the earlier profits. The recorded increase in revenue reached £82 million in 2010, in comparison to £21.9 million recorded last year.

KOREA National Oil Corp (KNOC) had earlier made a bid on Dana’s shares for £18 a share, which would be £1.87billion, in order to increase KNOC’s shares in Dana by more than 50%. What is pushing the transaction forward is KNOC’s insider information regarding Dana’s previous operations. It is claimed that if such information was exposed, Dana’s share price might exceed the £18 level, as offered by KNOC.

According to KNOC’s executives, the offer was not intimidated by Dana’s sudden and massive rise in share price and the Company is not reconsidering the price that has already been estimated. KNOC stated that the bid is final.

However, Tom Cross, the Chief Executive of Dana Group, replied on KNOC’s statement, saying that the revenue increased to a significant level that would compel KNOC to go through the offer again. He said, "Why has KNOC come halfway round the world and made a hostile offer for a Scottish company? It's because we are very valuable, that's why".