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.
The London-listed oil and gas producer had agreed to a $360 million all-cash buyout offer from Kurdistan, Iraq-focused peer Genel earlier in July.
Here are some more details:
- Samos Energy’s 381 pence per share proposal represents a 43% premium to Capricorn’s closing price on March 10, the day before the interest of another rival suitor, Saudi Arabia’s Cafani Group, became public.
- Capricorn Energy said the latest proposal is subject to due diligence and that discussions with Samos were ongoing.
- Genel Energy declined to comment.
- Interest in Capricorn has persisted for months; Cafani Group must submit a formal offer by July 29 after multiple deadline extensions.
- Samos Energy is a private investment firm specializing in buying and financing traditional energy assets.
- Shares of Capricorn Energy closed up 0.5% at 354 pence and have risen 81.4% this year.
