16th Oct 2026 16:30
(Alliance News) - Capricorn Energy PLC on Friday announced the indefinite adjournment of the court and general meetings regarding a proposed acquisition by DNO ASA.
DNO pulled back from its takeover attempt in late September, announcing it would not raise its offer to buy Edinburgh-based oil and gas company Capricorn after rival Genel Energy PLC increased its bid.
Oslo-based oil and gas operator DNO had been offering around USD5.21 per share, or USD396 million, and Capricorn announced its support in early September.
Later that month, however, it announced it would immediately withdraw this support after smaller peer Genel offered USD4.75 in cash plus a special dividend of 99 US cents, valuing Capricorn Energy at USD5.74 per share in total, or USD436 million.
At the same time, it proposed that the planned court meeting and GM required to implement the DNO offer "be adjourned indefinitely."
"The Capricorn directors confirm that the court meeting and the general meeting required to implement the DNO offer were adjourned indefinitely earlier today," Capricorn said on Friday.
Capricorn operates in Egypt, while Genel has production assets in Iraq's Kurdistan region and exploration assets in Oman and Somaliland.
Capricorn shares were flat at 427.00p each on Friday afternoon in London.
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Capricorn Energy PLCGenel Energy