25th Sep 2026 09:08
(Alliance News) - Capricorn Energy PLC on Friday withdrew its support for its takeover by DNO Bidco AS, as it instead recommended a higher offer by Genel Energy PLC.
Capricorn is an Edinburgh-based oil and gas company with operations in Egypt. Genel is a smaller peer with production assets in the Kurdistan region of Iraq and exploration assets in Oman and Somaliland.
Genel on Friday 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.
Capricorn Energy shares jumped 12% to 442.00 pence each on Friday morning in London, around USD5.85, for a market capitalisation of GBP315.7 million. Genel Energy shares were 1.4% lower at 62.10p each, giving it a market cap of GBP173.5 million.
Capricorn late last week had announced its support for a rival takeover offer from Oslo-based DNO at a value of around USD5.21 per share, or USD396 million. On Friday it announced the immediate withdrawal of its support, following Genel's higher offer.
Genel has irrevocable undertakings for around 39% of Capricorn's shares. The only outstanding regulatory approval is from Egypt, which Capricorn expects to be satisfied in accordance with the expected timetable.
The takeover is expected to complete in the fourth quarter.
By Tom Budszus, Alliance News slot editor
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Genel EnergyCapricorn Energy PLC