Genel Energy Increases Cash Offer for Capricorn Energy

Genel Energy PLC has announced an increased cash offer to acquire all shares of Capricorn Energy plc, valued at $5.74 per share. The acquisition will proceed through a scheme of arrangement under UK law. Shareholders will receive a special dividend as part of the offer, providing a 63% premium over previous Capricorn share prices.

This offer surpasses a previous bid from DNO Bidco AS, with a 10% premium over DNO's revised offer. The acquisition, including a dividend, values Capricorn's shares at approximately $436 million, reflecting Capricorn's activities primarily in US dollars.

Genel, an oil producer with holdings in Iraq, Oman, and Somaliland, aims to maintain business stability and value for shareholders. The offer is supported by various stakeholders, including significant irrevocable undertakings from key shareholders. Genel expects regulatory conditions to be met, allowing for an effective acquisition in Q4 2026.