Genel Outbids DNO in Capricorn Takeover Bid

Genel has increased its bid for Capricorn to $436 million, outbidding DNO's previous offer of $396 million. This revised proposal values Capricorn at around 10% higher than DNO's competing bid and includes a cash component of $4.75 per share, along with a special dividend of $0.99.

The escalating contest for Capricorn has been ongoing for months, with both Genel and DNO vying for control of the company's producing assets in Egypt's Western Desert. These assets have generated significant revenue, including $100 million in the first half of 2023, with realised oil prices averaging $89.50 per barrel.

For Genel, acquiring Capricorn would not only provide access to established Egyptian operations but also diversify its production portfolio, which has historically been concentrated in Iraq's Kurdistan Region. The deal would give the eventual buyer a foothold in one of North Africa's major oil and gas markets.