Capricorn Energy plc board has approved a raised offer of US$436 million (£330m) from Genel Energy Ltd and withdrawn its acceptance of the previous bid from rival DNO.*
Under the new proposed transaction, each Capricorn shareholder will receive $5.74 (£4.34) in cash for each share, and a special dividend of US$0.99.
Genel initially made an approved $360m offer for the Scottish company in July 2026, but was outbid earlier in September by DNO’s offer of $396m, before it made the new offer announced today.
Capricorn stated that Genel had received irrevocable undertakings from Palliser Capital (UK) Ltd, Newtyn Management, LLC, Kite Lake Capital Management (UK) LLP, and Madison Avenue Partners, LP to vote against and/or not accept any offer other than that from Genel, together representing 27,903,950 Capricorn shares equal to around 39.1% of its issued share capital as of 24 September 2026.
Capricorn, which holds joint venture assets onshore Egypt, noted that the Egyptian Competition Authority had approved Genel’s acquisition, expected to be effective during the fourth quarter of 2026.
Genel owns oil production assets in the Kurdistan Region of Iraq and exploration licences in Oman and Somaliland.
*DNO: Det Norske Oljeselskap