Capricorn confirms rival takeover approach from Samos Energy

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Capricorn Energy PLC on Wednesday confirmed it has received a possible cash takeover proposal from Samos Energy Ltd, adding a rival approach to the agreed offer already on the table from Genel Energy PLC.

The Edinburgh-based oil and gas company said Samos has proposed a possible cash offer of 381 pence per share.

The cash offer from Genel from early July values each share at USD4.74, or 357 pence. This comprises USD3.75 in cash and an intended special dividend of USD0.99.

Capricorn said the proposal is subject to due diligence and discussions with Samos are ongoing.

"There can be no certainty that an offer will be made for the company, nor as to the terms of any such offer," it said.

Capricorn advised shareholders to take no action while discussions continue.

Shares in Capricorn closed up 0.6% at 354.00 pence in London on Wednesday.

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