Enoc, which owns 54% of Dragon, recently increased its bid to buy out minority shareholders to 750 pence per share, valuing the stake it does not already own at about £1.7 billion ($2.7 billion).
Shareholders have until 30 July to agree to the terms.
Dragon Oil’s second-largest shareholder, asset management company Baillie Gifford, believes the offer is not high enough.
The investor has demanded the deal should include a contingent payment note based on Dragon Oil’s flagship Cheleken area oilfields in Turkmenistan hitting certain production milestones.
“We
