(RTTNews) – DNO ASA revealed on Friday that it will not make an offer to acquire Genel Energy plc (GEGYF.PK, GENL.L), ending weeks of speculation after its subsidiary DNO Iraq AS had floated a possible bid.

The Norwegian oil and gas group had proposed 69 pence per Genel share in cash, with a cash-and-share alternative, arguing the deal would deliver a premium to Genel’s undisturbed share price and provide certainty of value despite uncertainty over its sole revenue-generating asset.

DNO said its proposal would also have offered Genel shareholders liquidity in a stock with poor trading volumes, and the option to join a larger, diversified business with a track record of dividend payments.

But the Genel board showed “no willingness to engage,” DNO said, adding that shareholders were denied the chance to consider a proposal it believed was compelling.

On the LSE, shares of Genel Energy are currently losing 15.75 percent, changing hands at 53.60 pence.