DNO strikes recommended deal for Capricorn after Genel snub

Energy Oil & Gas Written by: Jamie Ashcroft 07:17 Tue 01 Sep 2026 --> Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Jamie Ashcroft Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development. As one of the early external hires at Proactive in 2009, Jamie contributed... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Capricorn Energy PLC ( LSE:CNE OTC:CRNZF ) View Price & Profile DNO strikes recommended deal for Capricorn after Genel snub Published: 07:17 01 Sep 2026 BST Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) has backed a US$396 million (£292 million) cash takeover by Norway’s DNO ASA, switching its recommendation from an earlier Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) offer after DNO tabled a proposal worth around 10% more. It comes after Genel snubbed a takeover approach from DNO. DNO is now offering Capricorn shareholders an aggregate US$5.214 per share, comprising US$4.224 in cash and an intended US$0.99 special dividend. That equates to roughly 384p per share at the announcement exchange rate, a 45% premium to Capricorn’s 266p closing price immediately before the offer period began in March. The proposal is US$0.474 per share above Genel’s US$4.74 total offer value and increases Capricorn’s implied valuation by approximately US$36 million. Capricorn’s board intends to recommend the DNO transaction unanimously and said it does not currently intend to ask the court to sanction the Genel scheme, although that rival offer has not formally lapsed. Chief executive Randy Neely said the higher all-cash proposal “maximises the value created by the Capricorn team and importantly increases the return for shareholders”. For DNO, the acquisition would establish Egypt as a third core operating region alongside the North Sea and Kurdistan. The enlarged group would have had pro forma 2025 production of 156,939 barrels of oil equivalent per day, with 443.3 MMboe of 2P reserves. Completion is targeted for Q4 2026 or Q1 2027, subject to Capricorn shareholder approval, court sanction and Egyptian regulatory and government approvals. Continue reading