Capricorn Energy shares jump on Alamadiyaf al-Masiyyah bid approach
Capricorn Energy PLC on Wednesday said it is seeking ‘clarity’ about the funding arrangements of a potential bidder for the company, Alamadiyaf al-Masiyyah for Trading LLC.
Responding to press speculation, the Edinburgh-based fuel producer said it has received ‘multiple unsolicited non-binding proposals’ from Alamadiyaf al-Masiyyah, a member of the Cafani Group, regarding a possible all cash offer.
In response, shares in Capricorn Energy closed up 6.4% at 283.00 pence each in London on Wednesday.
According to its website, the Cafani Group is a privately owned Saudi investment company headquartered in Jeddah, Saudi Arabia, and its diversified business scope is spread across the Middle East, Asia, Africa, Europe and America.
After evaluating the possible offer with advisers, Capricorn Energy said it has provided due diligence access to Alamadiyaf al-Masiyyah.
Discussions are ‘ongoing’ and Capricorn Energy is seeking ‘clarity’ around Alamadiyaf al-Masiyyah’s funding arrangements.
‘There can be no certainty that any firm offer will be made,’ Capricorn Energy, advising shareholders to ‘take no action’ at this stage.
Alamadiyaf al-Masiyyah has until April 8 to make a firm offer for Capricorn Energy in accordance with Takeover Panel rules.
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