DNO's offer for Capricorn lapses, clearing way for Genel takeover

DNO ASA Monday confirmed its revised cash offer for Capricorn Energy PLC has lapsed, clearing the way for rival bidder Genel Energy PLC to complete its takeover.

The Norwegian oil and gas company said the deal lapsed after conditions relating to the required shareholder meetings were not satisfied by the November 7 deadline.

Bidco has invoked a deadline condition after the required court and general meetings had not taken place by November 7, DNO said.

The revised cash offer, announced in September, was to be implemented through a court-sanctioned scheme of arrangement. The scheme required Capricorn's court and general meetings to be held by November 7, unless an extension was agreed or otherwise permitted under the takeover arrangements.

Capricorn had initially backed DNO's September offer, valued at around USD5.21 per share, or USD396 but later withdrew its support following a higher proposal from Genel which valued Capricorn at USD5.74 per share, or USD436 million.

The lapse of DNO's offer marks the end of the rival takeover proposal.

Capricorn Energy shares were up 0.8% to 421.36 pence on Monday morning in London.

Genel Energy shares were up 4.4% to 56.07 pence on Monday morning in London.

Copyright 2026 Alliance News Ltd. All Rights Reserved.