Oil producer Capricorn Energy said on Wednesday it has received multiple non-binding takeover proposals from Alamadiyaf al-Masiyyah, a Cafani Group-affiliated investment vehicle, for a possible all-cash deal.
Capricorn did not disclose the proposed terms, nor immediately respond to Reuters’ queries for additional details.
The Cafani Group is a privately owned Saudi investment company headquartered in Jeddah.
In its statement, the UK-based firm said it was seeking clarity on the Saudi-based company’s funding arrangements and that talks were still ongoing.
“Board has evaluated the possible offer with its financial and legal advisers and has provided due diligence access to Alamadiyaf al-Masiyyah,” Capricorn said.
According to the UK’s takeover rules, the Cafani Group-owned company must either announce a firm intention to make an offer for Capricorn by April 8 or walk away.
Source: Reuters.com