Capricorn Energy PLC (LSE:CNE) has provided an update on its proposed acquisition by Genel Energy through its Bidco vehicle, confirming that the increased recommended cash offer is progressing towards completion, with one Egyptian regulatory condition remaining outstanding.
The company announced that an updated supplementary letter relating to the revised acquisition terms is being distributed to shareholders and made available online. The document provides further information on the status of the transaction and the remaining steps required before completion.
Capricorn confirmed that the Court of Session has not required any additional shareholder meetings in connection with the Genel transaction. As a result, shareholders are not currently required to undertake any further voting action regarding the proposed acquisition.
The company also reported that the Egyptian Merger Condition has been satisfied, leaving only the remaining Egyptian regulatory condition to be fulfilled.
According to Capricorn, Genel Energy and Bidco, discussions with the Egyptian Government regarding the outstanding requirement have progressed. The parties continue to expect the acquisition scheme to become effective during the fourth quarter of 2026, subject to satisfaction of the remaining condition.
Alongside the progress on the Genel transaction, Capricorn has outlined its intentions regarding the competing takeover proposal from DNO.
The company’s board intends to adjourn indefinitely the court meeting and general meeting associated with the DNO Offer. Capricorn has also reiterated its recommendation that shareholders take no further action in relation to that proposal.
The board continues to support the increased cash acquisition offer from Genel Energy’s Bidco vehicle, which remains the recommended transaction.
The proposed acquisition has therefore progressed beyond the Egyptian Merger Condition, although completion remains dependent on the outstanding regulatory requirement.
Capricorn said the parties are continuing their engagement with the Egyptian authorities as they work towards the anticipated fourth-quarter completion timetable.
About Capricorn Energy
Capricorn Energy PLC (LSE:CNE) is a UK-based oil and gas exploration and production company with operations focused on Egypt and other international assets. The company operates in the upstream energy sector and is listed on the London Stock Exchange. Capricorn is currently the subject of competing acquisition proposals involving Genel Energy and DNO, with its board recommending the increased cash offer from Genel Energy’s Bidco vehicle.
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