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2 clusters · 6 sources · 15 days · First seen 23 days ago · Last updated 9 days ago

DNO takeover bid for Capricorn Energy

Overview

DNO ASA, a Norwegian oil and gas operator, has initiated a takeover bid for the Edinburgh-based explorer Capricorn Energy. Initially, Capricorn Energy’s board recommended a $396 million (£292 million) offer from DNO, which surpassed a previous agreement with Genel Energy by approximately $36 million. This proposal offered $5.214 per share, comprising cash and a special dividend, intended to give DNO a strategic foothold in Egypt.

DNO subsequently revised its proposal to an all-cash offer. The boards of DNO, DNO Bidco AS, and Capricorn Energy plc agreed to these new terms to provide shareholders with the full acquisition value in cash, removing the previous requirement for a permitted dividend to be declared and paid prior to the effective date.

Entities

DNO · Genel Energy · DNO ASA · Deutz AG · Capricorn Energy

Timeline

9 days ago

[BUSINESS] 2 sources
DEUTZ AG completes capital increase as DNO ASA revises Capricorn Energy offer
DEUTZ AG completed a €179 million capital increase via private placement, while DNO ASA revised its acquisition of Capricorn Energy plc to an all-cash offer.
23 days ago

[BUSINESS] 4 sources
DNO launches $396m takeover bid for Capricorn Energy
Capricorn Energy has switched its recommendation to a $396 million bid from Norway’s DNO, outbidding a previous takeover offer from Genel Energy to secure oil and gas assets in Egypt.

Sources

africa.businessinsider.com · dailybusinessgroup.co.uk · marketwire.com · presse-control.de · smallcapnews.co.uk · ukinvestormagazine.co.uk