Capricorn Energy’s (LSE:CNE) board has reaffirmed its recommendation of an increased cash takeover offer from a Bidco vehicle controlled by Genel Energy (LSE:GENL), as the companies continue to work towards satisfying the remaining regulatory condition.
The increased offer followed a competing proposal from DNO, which has subsequently been declared final and not subject to further improvement.
Capricorn shareholders previously approved the original Genel transaction at Court and General Meetings held in August 2026. The companies said no additional shareholder meetings are required in connection with the increased offer.
All regulatory conditions for the proposed acquisition except one have now been satisfied.
The remaining requirement is the Egyptian Condition, with Capricorn and Genel reporting progress in their discussions with the Egyptian Government. Completion of the transaction remains dependent on satisfaction of that condition.
Subject to the remaining requirement being met, the companies expect the takeover to become effective during the fourth quarter of 2026. The timetable represents their current expectation and remains subject to completion of the outstanding approval process.
About Capricorn Energy
Capricorn Energy is a London-listed oil and gas exploration and production company with operations that include assets in Egypt.
Its activities are focused on the exploration, development and production of hydrocarbon resources.
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