![\"Capricorn](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2023\/01\/Capricorn-Energy-2.png\")
Capricorn Energy, the Edinburgh-based oil and gas explorer, has switched its recommended offer to Norwegian bidder DNO which has gatecrashed a deal with Genel.<\/p>\n
DNO is offering $396 million (\u00a3292m) in cash which is $36 million higher than the offer from Genel which the board had previously recommended.<\/p>\n
The Capricorn board said the Genel Offer has not lapsed as a result of this announcement and it will update shareholders with any further developments in relation to its offer.<\/p>\n
Capricorn director Randy Neely provided an irrevocable undertaking to procure a vote in favour of the Genel offer and his obligations remain binding. <\/p>\n
Accordingly, he will be required to procure a vote against the acquisition at each of the Court Meeting and the General Meeting unless the undertaking lapses.<\/p>\n
The DNO offer is worth 384p per Capricorn share, representing a 45% premium to the closing price of 266p on 10 March, the day prior to the start of the offer period and about 10% more than the Genel offer.<\/p>\n
DNO, founded in 1971, is Norway\u2019s oldest oil and gas exploration and production company, with a strong Norwegian heritage and shareholder base. It is also one of Europe\u2019s leading publicly listed independent oil and gas companies, with a diversified portfolio of upstream assets across the North Sea (Norway and the United Kingdom) and the Kurdistan Region of Iraq.<\/p>\n
Over the three years to 31 July 2026, DNO delivered a total shareholder return of 119%, assuming reinvestment of dividends.<\/p>\n
DNO has a long-established track record of investing and operating successfully in the MENA region and has maintained a presence in the KRI for more than two decades. <\/p>\n
In the North Sea, DNO has built a strong and material position through successful exploration and the transformative acquisition of Norwegian independent Sval Energi Group in 2025.<\/p>\n
The proposed acquisition represents DNO\u2019s entry into Egypt. It intends to develop Egypt as a third core area alongside the North Sea and the KRI, and has ambitious plans to build a significant Egyptian business over time, both operated and non-operated, through investment in the acquired portfolio, exploration and development activity and further acquisitions.<\/p>\n
DNO said it believes Capricorn\u2019s Egyptian assets and established in-country team provide a high-quality entry point and a platform from which to expand, particularly in the Western Desert.<\/p>\n
\u2026 more follows<\/p>\n
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