(WO) – DNO ASA’s cash offer for Capricorn Energy has lapsed, leaving Genel Energy’s recommended bid as the only offer for the Egypt-focused oil producer. DNO and its acquisition vehicle, DNO Bidco AS, said the offer lapsed because the shareholder meetings required under its scheme of arrangement were not held by the Nov. 7 deadline.
DNO made a revised cash offer for Capricorn on Sept. 17. Genel later raised its own offer to about US$5.74 per share, valuing Capricorn at about $436 million, and Capricorn’s board recommended it. On Sept. 28, DNO said its terms were final and would not be raised.
Capricorn shareholders approved Genel’s original terms in August, and the company has said no further meetings are needed for the increased offer. The main remaining condition is approval from the Egyptian government, and Capricorn has said it expects the deal to complete in the fourth quarter.
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