Capricorn Energy plc has been left with one potential buyer after rival bidder DNO decided against pursuing a deal for the Scottish firm.
Norway’s oldest oil and gas company’s raised offer of $396 million offer was exceeded on 25 September by Genel Energy plc’s own increased bid of US$436m, which attracted 39.1% support from a group of Capricorn shareholders.
DNO today said it would not increase its offer and that it “will not elect to implement its offer by means of a contractual offer”.
Capricorn holds joint venture development and production oil and gas assets in the Western Desert, Egypt.