DNO vil kjøpe oljeselskapet Capricorn

Oslo-based oil company DNO has offered to buy British oil and gas firm Capricorn at a price exceeding $396 million, or roughly 3.7 billion Norwegian krone. The offer, valued at $5,214 per share, consists of a cash purchase of $4,224 and an anticipated special dividend of $0.99 per share. Capricorn is listed on the London Stock Exchange.

The proposal exceeds the closing price of $10 on March 10 by about 45%, and surpasses the average trading volume of $3.7 million during the previous three months by around 60%. Capricorn's board perceives DNO's offer as "fair and reasonable" and will unanimously recommend shareholders to vote in favor. This marks a pivotal chapter in DNO's 55-year growth history, as the company plans to expand its oil and gas portfolio in Egypt through investments, participation in new licensing rounds, and further acquisitions.

On July 2, DNO's leadership announced that they had reached terms with Genel and Capricorn for a recommended cash purchase of the latter from Genel. DNO's bid is approximately 10% higher than Genel's, according to a statement on Tuesday. In August, it was reported that DNO approached the board of Genel Energy regarding a potential offer for the company, but was rejected.