Story
Capricorn Awaits Final Egyptian Approval to Complete Genel Takeover
Summary
The acquisition of Capricorn Energy by Genel Energy is in its final stages, pending a single outstanding regulatory condition from the Egyptian government after a competing bid was withdrawn.
Capricorn Energy stated on Friday that its acquisition by Genel Energy is awaiting a single regulatory approval from Egypt before the deal can be finalized, marking the last significant hurdle for the transaction.
Final Hurdle Remains
According to the company, while the Egyptian merger condition has been satisfied, one other regulatory condition remains outstanding. Capricorn, along with Genel Energy and its acquisition vehicle Bidco, are in ongoing discussions with the Egyptian government to secure the final approval.
Genel and Bidco anticipate that the condition will be met in time for the deal to become effective in the fourth quarter of 2026. Capricorn confirmed that no further court or general meetings for shareholders will be required to approve the increased offer from Genel.
Path to Acquisition
AdThe path to the deal's completion involved a competing offer that has since been resolved. Key events in the timeline include:
- July 2: Capricorn initially agreed to a recommended cash acquisition by Genel and Bidco.
- August 18: Shareholders overwhelmingly supported the original proposal, with over 99% of shares voted in favor.
- September 1: DNO Bidco challenged the deal with a competing offer, which it later revised.
- September 25: In response, Genel increased its proposal, which Capricorn's board then recommended to its shareholders.
- September 28: DNO announced its offer was final and would not be increased, effectively ending its pursuit of Capricorn and clearing the way for the Genel transaction.
Capricorn has stated it will provide shareholders with further details on the timetable for completion, including a supplementary letter, in due course.
Read next
More on Stocks
ON Semiconductor Stock Jumps on Revised All-Cash Deal for Synaptics
Shares of the chipmaker surged after it announced a new, cheaper all-cash deal to acquire Synaptics for $5.7 billion, a move that avoids shareholder dilution and is expected to be immediately accretive to earnings.
Schindler Shares Rise as Citi Eyes Positive Catalysts Ahead of Investor Day
Shares in the Swiss elevator and escalator manufacturer gained after analysts at Citi initiated a positive short-term view, citing potential for favorable updates on growth and capital allocation at upcoming company events.
AWS Pledges $1 Billion Investment in US Data Center Communities Amid Local Backlash
Amazon Web Services announced a $1 billion, five-year investment plan for US communities hosting its data centers, aiming to mitigate local concerns over resource consumption and environmental impact.
Capgemini Shares Hit 8-Month High on Positive Sector Cues from Accenture
Shares in the IT services firm surged after competitor Accenture reported stronger-than-expected quarterly results, easing investor concerns about the sector's growth outlook.