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At $5.214 per share, DNO's proposal for Capricorn Energy clears Genel Energy's rival offer by $0.474 and carries a 45% premium to Capricorn's 10 March 2026 closing price.
Capricorn's board has withdrawn its recommendation for the Genel bid and now intends to urge shareholders to support the Norwegian operator's $396m deal.
The consideration splits into $4.224 in cash per share and a $0.99 special dividend Capricorn will declare before the transaction takes effect, and completion remains conditional on shareholder approval and clearance from Egypt's General Petroleum Corporation.
The case for the deal, from Capricorn's perspective, is the price. A 60% premium to the three-month average share price before the offer period is a materially better outcome than Genel's $360m proposal.
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