The bidding war for Capricorn Energy intensified on 25 September as UK-listed Genel Energy raised its offer to $5.74/share, valuing the company at around $436mn. This is $40mn, or 10%, above Norwegian firm DNO’s $396mn offer, which Capricorn backed earlier this month (MEES, 4 September), and around $76mn, or 21%, above Genel’s original July bid.
Capricorn’s board has now switched its recommendation back to Genel. The revised offer comprises $4.75/share in cash plus a $0.99 special dividend, while Genel has secured irrevocable undertakings covering 39.1% of Capricorn’s issued shares. (CONTINUED - 141 WORDS)