DNO Enhances Cash Offer for Capricorn Energy Takeover
DNO has revised its takeover offer for Capricorn Energy PLC, increasing the cash component to £388 million (US$512.4 million) and removing reliance on a special dividend from Capricorn before completion. Shareholders will now receive US$5.214 per share in cash instead of an earlier proposal that included both cash and a planned special dividend. The new offer represents a 46% premium over the closing price prior to the initial bid announcement in March, as well as around 10% above rival bidder Genel's acquisition value. The revised structure aims to provide greater certainty for Capricorn shareholders by eliminating dependency on the target company’s ability to pay an additional dividend. DNO will fund the deal using existing cash resources and expects a scheme document to be sent out by September 29, with completion targeted in Q4 2026 or early Q1 2027. Capricorn's board intends to recommend the offer unanimously after receiving advice from Canaccord Genuity that its terms are fair and reasonable.
Topics: Capricorn Energy PLC cash offer DNO takeover