Samos Challenges Genel with $359M Cash Bid for UK’s Capricorn Energy
Overview of the Bidding War for Capricorn Energy
July 22 (Reuters) - Britain's Capricorn Energy said on Wednesday it has received a £268.8 million ($359.33 million) all-cash bid from private investment firm Samos Energy, weeks after agreeing to a near-identical proposal from Genel Energy.
The London-listed oil and gas producer had agreed to a $360 million all-cash buyout offer from Kurdistan, Iraq-focused peer Genel earlier in July.
Key Details of the Samos and Genel Proposals
Here are some more details:
Samos Energy's Offer
• Samos Energy's 381 pence per share proposal represents a 43% premium to Capricorn's closing price on March 10, the day before the interest of another rival suitor, Saudi Arabia's Cafani Group, became public.
• Capricorn Energy said the latest proposal is subject to due diligence and that discussions with Samos were ongoing.
Genel Energy's Position
• Genel Energy declined to comment.
Other Interested Parties and Market Context
Cafani Group's Involvement
• Interest in Capricorn has persisted for months; Cafani Group must submit a formal offer by July 29 after multiple deadline extensions.
About Samos Energy
• Samos Energy is a private investment firm specializing in buying and financing traditional energy assets.
Capricorn Energy's Share Performance
• Shares of Capricorn Energy closed up 0.5% at 354 pence and have risen 81.4% this year.
Exchange Rate Information
($1 = 0.7481 pounds)
Reporting Credits
(Reporting by Rishab Shaju in Bengaluru; Editing by Sahal Muhammed)
