(WO) — DNO ASA has revised its proposed acquisition of Capricorn Energy plc to an all-cash offer, replacing the structure of the transaction originally announced Sept. 1.
Under the revised terms, Capricorn shareholders will be entitled to receive the full acquisition value in cash from DNO Bidco AS, the companies said Sept. 17.
DNO, DNO Bidco and Capricorn said the revised structure provides shareholders with greater certainty over the value of the transaction. The original offer depended in part on Capricorn’s board being able to declare and pay a permitted dividend in full before the acquisition became effective.
The boards of all three companies have agreed to the revised terms.
Capricorn’s directors intend to unanimously recommend that shareholders vote in favor of the acquisition scheme at the company’s upcoming Court Meeting and support the related resolutions at a General Meeting.
The meetings are expected to be convened as soon as practicable as DNO moves forward with the proposed acquisition.
About The Author
