Story
Capricorn Energy Accepts Revised All-Cash Takeover Offer from DNO
UK-listed Capricorn Energy (LON:CNE) on Thursday agreed to revised terms for a $396 million takeover by Norwegian oil firm DNO (OSE:DNO). The new structure converts the offer into an all-cash deal, providing greater certainty for Capricorn shareholders.
The Revised Offer
Under the updated agreement, DNO will pay $5.214 in cash for each Capricorn share. This modifies the previous proposal, which Capricorn's board had accepted earlier this month.
The earlier terms consisted of $4.224 in cash plus a $0.99 dividend payout per share. The total value of the acquisition remains unchanged, but the consideration is now entirely in cash.
AdBidding Context
Capricorn's initial acceptance of DNO's bid effectively concluded a competitive bidding process. The move prompted a competing suitor, Genel Energy (LON:GENL), to withdraw from the acquisition race.
The deal highlights the interconnected operations among the firms. DNO serves as an operating partner with Genel in Iraq’s Kurdistan region. The Norwegian company had also previously attempted to acquire Genel before entering the competition for Capricorn.
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