The proposed takeover by Israel’s NewMed Energy of UK-listed, Egypt-focused Capricorn Energy is looking ever less likely. The Israeli firm, in a 1 February filing to the Tel-Aviv Stock Exchange (TASE), admits that the “likelihood of closing the Transaction has significantly decreased.” This follows the resignation of seven of Capricorn’s nine board members including CEO Simon Thornton in late January following pressure from activist investor Palliser Capital and other shareholders who opposed the deal (MEES, 23 December 2022).
A board meeting on 1 February saw six new Palliser-backed directors appointed ahead of a 22 February shareholder vote on NewMed’s proposal, which values the smaller firm at $620mn. (CONTINUED - 176 WORDS)