Genel Energy Raises Capricorn Takeover Bid to $436M, Trumping DNO (GEGYF:OTCMKTS)
The revised proposal is 10% above DNO's bid and has support from investors covering about 39% of Capricorn's shares.
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9 Articles
Oil rivals battle for Egypt foothold as Genel raises Capricorn bid to $436 million
A bidding war for access to Egypt’s oil industry has intensified after Genel Energy raised its takeover offer for Capricorn Energy to $436 million, overtaking Norwegian rival DNO and winning back the support of Capricorn’s board.
Genel Energy raises Capricorn offer to $436 million, outbidding Norway's DNO
Britain's Genel Energy raised its cash offer for Capricorn Energy to $436 million on Friday, topping a rival offer from DNO and re-securing the backing of Capricorn's board after a months-long bidding war.
Genel Energy announced that it has concluded an agreement to purchase Capricorn Energy in a fully cash transaction valued at $436 million, after raising the proposed price and exceeding the offer of the Norwegian competitor DNO. Exclusive material for subscribers. To have full access, access the link of the material and register.
Genel Raises Capricorn Bid to $436m as Egypt Assets Draw Intense Competition
CAIRO — Genel Energy has raised its offer for Capricorn Energy to about $436 million, reclaiming the lead in a takeover contest that began with its original agreed bid in July before DNO intervened with a higher proposal. Genel first secured Capricorn board backing with an offer worth about $360 million, or $4.74 a share. […]
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