This company seems to have been searching for a long time - any ideas out there?

Barclays Capital today upgrades its investment rating on Faroe Petroleum PLC (LON:FPM) to equal weight (from underweight) and raised its price target to 185p (from 160p).

StockMarketWire.com
Norwegian oil and gas operator DNO on Thursday extended its 152p-a-share takeover offer for Faroe Petroleum for further two weeks.

The announcement comes just a day after Faroe declared DNO's offer 'opportunistic,' citing an independent evaluation, which priced the company's assets in the range of US$879m to US$1,076m, implying a valuation of between 186p and 225p a share.

As at 1.00 p.m. on 2 January 2019, DNO's had secured a total of 48,986,566 Faroe shares at the offer price, representing 13.1% of Faroe's shares.

DNO now owned 43% of Faroe as it inched closer towards the 57.5% mark, which would trigger the acceptance condition required to takeover the company. DNO's offer would remain open for acceptances until 1.00 p.m. on 16 January 2019, but if it lapses, then the company would not be able to make a new offer for another 12 months.

Barclays Capital today reaffirms its equal weight investment rating on Faroe Petroleum PLC (LON:FPM) and cut its price target to 165p (from 185p).

Oslo, 4 February 2019 - DNO ASA ("DNO"), the Norwegian oil and gas operator, has now acquired or received acceptances for over 90 percent of the Faroe Shares to which its Final Offer relates by nominal value and voting rights attaching to such shares, enabling it to initiate the compulsory acquisition procedure for the remaining Faroe Shares.

DNO announced its final cash offer for the entire issued and to be issued share capital of Faroe Petroleum plc ("Faroe") at 160 pence in cash for each Faroe Share (the "Final Offer") on 8 January 2019 and published the final offer document on the same day (the "Final Offer Document"). On 9 January 2019, Faroe announced the Faroe Board's recommendation of the Final Offer.