Arab Finance: Genel Energy and Bidco have increased their recommended cash offer to acquire Capricorn Energy to approximately $436 million, according to a statement.
Under the increased offer, each Capricorn shareholder will receive $5.74 per share, comprising $4.75 in cash and a $0.99 special dividend, which is expected to be declared before the transaction becomes effective.
The total consideration of 434 pence per Capricorn share represents a 63% premium to Capricorn’s closing share price of 266 pence on March 10, 2026, the day before the offer period began, and an 80% premium to its three-month volume-weighted average price of 241 pence.
The boards of Capricorn, Genel, and Bidco said the Egyptian Competition Authority approved the acquisition on September 7 after meeting the merger condition.
Genel and Bidco expect this transaction to become effective during the fourth quarter (Q4) of 2026, subject to the satisfaction of the remaining conditions.
The acquisition previously received the support of more than 99% of Capricorn shares voted at shareholder meetings held on August 18, 2026.
In July, the London-based company announced plans to expand in the Egyptian market through acquiring Capricorn Energy in a $360 million all-cash deal.
