17th Sep 2026 09:52
(Alliance News) - Capricorn Energy PLC on Thursday said it has received an improved takeover offer from DNO ASA, which its board will recommend to shareholders.
Capricorn is an Edinburgh-based oil and gas producer, while DNO is an Oslo-based peer.
Under its new offer, DNO will pay USD5.214 in cash for each Capricorn share, valuing the Capricorn at USD396 million. The total price per share is the same as DNO's previous offer, but that offer had been split been split between USD4.224 in cash and USD0.990 as a special dividend.
Capricorn shares were down 0.2% to 383.36p in London early Thursday, though they are up 46% since the bid interest first emerged in March. The company has a market capitalisation of GBP274.2 million.
Capricorn said its directors unanimously will recommend the revised DNO offer to shareholders, as it provides "greater certainty of value", not being reliant on Capricorn's ability declare and pay the special dividend prior to the takeover.
Capricorn also noted that the all-cash offer is USD0.474 per share, or 10%, higher than the offer the company previously had agreed from fellow London listing Genel Energy PLC.
DNO's acquisition of Capricorn will give DNO an entry into Egypt, with the company saying it intends to develop the country as a third core area alongside its North Sea and Kurdistan operations. Genel also operates in the Kurdistan region of Iraq.
By Tom Waite, Alliance News editor
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