Genel Energy Sweetens Takeover Offer for Capricorn Energy

04:36 AM EDT, 09/25/2026 (MT Newswires) -- Genel Energy (GENL.L) increased its takeover proposal for energy producer Capricorn Energy (CNE.L) to $5.74 in cash per share from $4.74 in cash per share. The new offer, made through Genel Energy No.9, comprises $4.75 in cash and a special dividend of $0.99 per share, implying a fully diluted valuation of $436 million for the target, according to a Friday release. The London-listed oil and gas production company said its new offer also beats the revised competing proposal of $5.214 per share from DNO (DNO.OL) unit DNO Bidco. Capricorn shareholders will consider DNO Bidco's offer at court and general meetings scheduled for Oct. 16. Completion of Genel's purchase of Capricorn is expected in the fourth quarter of 2026, subject to remaining preceding conditions. The Egyptian Competition Authority already approved the transaction on Sept. 7.