Capricorn Energy plc’s two potential rival purchasers today said they did not intend to make an offer for the Edinburgh-based company.
Samos Energy and Alamadiyaf al-Masiyyah for Trading Company Ltd had until 5pm on 11 August 2026 to announce their intentions, in accordance with the Takeover Code.
Each company added that it reserved the right to make an offer for Capricorn, under certain circumstances including if rival Genel Energy Ltd withdrew its bid or if a third party announced a firm intention to make an offer.
Their withdrawal follows Capricorn’s acceptance on 2 July 2026 of Genel’s all-cash $360 million (£271m) offer.
The acquisition, through a Scottish Court scheme of arrangement, will become effective during the second half of 2026.
The transaction is subject to shareholder approval and regulator consent in Egypt, where Capricorn’s joint venture with Cheiron Energy holds licences in the Western Desert.
Genel holds a 25% non-operated working interest in the Tawke production sharing contract located in the Kurdistan region of Iraq, and exploration licences in Oman and Somaliland.