DNO to pay $5.214 per share for Capricorn Energy

Norwegian oil and gas producer DNO announced on 1 September 2026 a cash offer recommended by the Capricorn board for Edinburgh-based Capricorn Energy: USD 4.224 per share in cash plus a USD 0.99 special dividend, together USD 5.214 (about 384 pence) per share or an equity value of around USD 396 million — a 45% premium to the undisturbed share price. DNO thereby outbids Genel Energy's July offer (USD 4.74 per share, about USD 360 million) and gains entry to Egypt's upstream sector through Capricorn's production interests (Offshore Technology, 1 September 2026). Update (17 Sep 2026): On 17 September 2026 DNO and Capricorn agreed a revised offer structure: instead of $4.224 in cash plus a planned $0.99 special dividend, DNO Bidco pays the full $5.214 per share (about 388p) in cash, and the special dividend falls away. The total value of around $396m is unchanged, and the Capricorn board intends to recommend the revised offer unanimously (AskTraders, 17 Sep 2026). Update (21 Sept 2026): Capricorn Energy published the scheme document for the acquisition by DNO Bidco on 21 September 2026, meeting the UK Takeover Code's 28-day deadline following the 1 September 2026 announcement. The dates of the Court Meeting and General Meeting, and the scheme's effective date, are set out in the offer document and were not stated in the announcement (GlobeNewswire via MENAFN, 21 Sept 2026). Update (25.09.2026): Genel Energy raised its offer to USD 5.74 per share (about USD 436m); Capricorn's board withdrew its recommendation of DNO and now recommends Genel. The DNO offer has not lapsed; the relevant amount is carried by follow-up entry 7274828d (Capricorn stock exchange announcement via Investegate, 25.09.2026). Update (28.09.2026): DNO declared the terms of its USD 5.214 per share cash offer final — it ruled out raising it in response to Genel's USD 5.74 and will not switch to a contractual takeover offer. DNO therefore remains below the Genel offer, which Capricorn's board recommends (follow-up entry 7274828d) (ADVFN, 28.09.2026: https://uk.advfn.com/market-news/article/23609/capricorn-energy-shares-fall-as-dno-declares-5-214-offer-final).