Genel Energy raises Capricorn bid to $436 million, tops DNO

Genel Energy has raised its bid for Capricorn Energy to $436 million, outpacing a competing offer from DNO. This intensified bidding war over the company's Western Desert assets in Egypt's upstream sector has seen the two companies change the board's recommendation multiple times. Genel's initial offer of $360 million in July was later surpassed by DNO's $396 million bid, leading the board to support DNO's proposal.

However, after receiving commitments from major shareholders, Genel's updated offer now provides approximately $5.74 per share, including $4.75 in cash and a $0.99 special dividend. This represents a 10% premium over DNO's original bid. The board has withdrawn its support for DNO, stating that Genel's terms offer superior value, certainty, and deliverability to shareholders.