DNO Increases Cash Offer for Capricorn Energy to $5.214 per Share
Norwegian oil company DNO has raised its cash offer for UK-listed Capricorn Energy from $4.224 plus a special dividend of $0.99 to $5.214 per share, valuing the deal at $396 million (£294m). The revised proposal eliminates reliance on a proposed dividend and provides shareholders with direct cash payment via DNO's Bidco subsidiary. Capricorn’s board has recommended accepting the offer, which represents a 46% premium over its closing price before the initial bid period began. The new terms also increase the implied value of Capricorn by $36 million compared to an earlier proposal from Genel Energy and represent a 10% premium on that deal. DNO plans to fund the acquisition using existing cash resources, with financial adviser Lambert Energy confirming sufficient liquidity is available. The transaction remains subject to conditions but is expected to close in Q4 2026 or early 2027.
Topics: corporate finance oil and gas takeover