Capricorn Energy Backs DNO’s $396 Million Bid Over Genel Offer

Norwegian oil firm DNO has chosen to accept a $396 million acquisition bid from Capricorn Energy, surpassing a proposal from Genel Energy for the UK-listed company. This move grants DNO access to Egypt's upstream sector. Capricorn shareholders would receive $5.214 per share, consisting of $4.224 in cash from DNO's acquisition vehicle and an expected $0.99 special dividend.

The offer is around a 10% premium to Genel's $4.74-per-share proposal. Capricorn's board plans to unanimously recommend the DNO transaction, which would establish Egypt as a third core operating region for DNO alongside the North Sea and Kurdistan Region of Iraq. The deal hinges on Capricorn shareholder approval, court approval, and other conditions, including consent from the Egyptian General Petroleum Corporation.