Story
Capricorn Energy Accepts Revised All-Cash Takeover Offer from DNO
Summary
The UK-based energy firm has agreed to a restructured $396 million acquisition by Norway's DNO, which will now pay $5.214 per share entirely in cash, removing a previously planned dividend component.
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.
Read next
More on Stocks
Orion180 Prices IPO at $12 Per Share, Targeting $240 Million Raise
Florida-based insurer Orion180 Insurance Group Inc. has priced its initial public offering of 20 million shares at $12.00 each, aiming to raise $240 million ahead of its debut on the Nasdaq.
Nucor Stock Slides After Q3 Earnings Guidance Misses Analyst Forecasts
Nucor Corporation (NUE) shares fell after the company projected third-quarter earnings of $5.55 to $5.65 per share, below the Wall Street consensus of $5.99, citing the absence of significant one-time gains from the prior quarter.
Disney Asks Court to Halt FCC License Review, Alleges Political Pressure From Trump
The Walt Disney Company has filed a legal challenge to stop the Federal Communications Commission from conducting an early review of its ABC station licenses, claiming the regulator is acting on President Trump's directives.
Starbucks Settles Florida Lawsuit Over Diversity Policies for $1 Million
The coffee giant has agreed to settle a lawsuit with Florida's attorney general, pledging to avoid race- or sex-based quotas in its employment practices and pay $1 million to cover the state's litigation costs.