Capricorn Energy Accepts Revised $396 Million Takeover Offer from DNO
Overview of the Capricorn Energy and DNO Takeover Deal
Sept 17 (Reuters) - UK-listed Capricorn Energy on Thursday agreed to revised terms of a $396 million takeover offer from Norwegian oil firm DNO.
Key Details of the Revised Offer
Here are some details:
Financial Terms
• DNO said it will pay $5.214 in cash for each Capricorn share, compared to its earlier proposal of $4.224 in cash and $0.99 in dividend payouts.
Competitive Bidding Process
• Capricorn had agreed to DNO's proposal earlier in September, prompting its other bidder Genel Energy to drop out of the race.
• DNO, which is an operating partner of Genel's in Iraq's Kurdistan region, had attempted to buy out the latter unsuccessfully before competing with it to takeover Capricorn.
Industry Context
Middle East Oil Sector M&A Activity
• Dealmaking among oil companies operating in the Middle East is gathering pace as a surge in oil prices after the onset of the Iran war has enabled some energy firms focused on the region to pursue mergers and acquisitions.
Reporting Credits
(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema)
