Dana said independent experts it hired to value the company said it was worth from 2,120 pence to 2,465 pence, based on existing assets and over 3,000 pence if one assumed success in its exploration plans.
"The Dana Board .. does not want to see the Company sold below fair value to the detriment of Dana shareholders," Dana Chief Executive Tom Cross said.
Shares were unchanged at 1,808 pence in early trade on Wednesday. That price suggests investors do expect a small increase in KNOC's bid.
However, analysts that cover Dana have said the 1,800 pence bid is a good price.
KNOC declined immediate comment on the statement.
Reuters first reported last month Dana was near to a deal to buy the Suncor assets so investors were expecting an announcement but few are expecting the deal to add material value to Dana stock.
Korea gave KNOC a $6.5 billion (4.2 billion pounds) war chest this year to compete with energy-hungry Asian state firms looking to secure supplies for their growing economies.
The company has a target to raise the nation's production capacity to 300,000 barrels per day (bpd) by 2012 from 130,000 bpd in December.
Chinese and Indian firms have so far outgunned KNOC, which explores and stores oil, in bigger merger and acquisition battles.
(Reporting by Tom Bergin; Editing by Hans Peters)
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