Genel raises Capricorn offer to $436 million including special dividend

Genel Energy ($GENL) increased its recommended offer for Capricorn Energy ($CNE) to an aggregate $5.74 per share, comprising $4.75 in acquisition cash and a planned $0.99 special dividend. Including that dividend, the fully diluted equity value is approximately $436 million. The package is about 10% above DNO’s competing proposal, and Capricorn’s board withdrew its recommendation of the DNO offer in favor of Genel.

Shareholders representing approximately 39.1% of Capricorn’s issued shares have provided undertakings supporting the revised arrangement. The companies continue to target completion in the fourth quarter of 2026. Egyptian competition clearance has already been obtained, but another Egyptian regulatory condition remains outstanding. The higher bid therefore changes the proposed consideration without establishing that the acquisition has closed.

Sources:

• Genel Energy — increased recommended offer, EQS announcement