Genel Energy Stock News

Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) has raised its recommended cash offer for Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) to US$5.74 per share, valuing the company at around US$436 million (£330 million) and trumping rival DNO's revised proposal by about 10%. The offer comprises US$4.75 in cash and a US$0.99 special dividend, equivalent to 434p per Capricorn share at the exchange rate...

Britain's Genel ​Energy raised ‌its recommended cash ​offer ​for Capricorn Energy ⁠on ​Friday, trumping ​a bid from Norwegian ​producer ​DNO ASA in ‌a ⁠months-long bidding contest that ​has ​seen ⁠Capricorn's board ​switch allegiances ​twice.

A connected shareholder controls nearly a quarter of Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) following its designation as a takeover target. The business holds no direct interests, financial derivatives, or subscription rights in its own name.

Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) has rejected a £202 million cash approach from DNO, its Norwegian rival in the Kurdistan region of Iraq. DNO has taken the proposal public after being rebuffed, a move that raises pressure on the Genel board to open talks.

UK-listed Genel ​Energy rejected DNO's £202 million ($271.8 ‌million) takeover proposal, the Norwegian oil firm ​said on Friday.

Britain's Capricorn Energy said on Wednesday it ​has received a £268.8 million ($359.33 million) all-cash ‌bid from private investment firm Samos Energy, weeks after agreeing to a near-identical proposal ​from Genel Energy.

Genel Energy said on Thursday ​it will acquire Britain's ‌Capricorn Energy for $360 million in an all-cash deal, handing the Kurdistan-focused ​oil producer a foothold ​in Egypt.