Norwegian oil and gas company DNO ASA (DNO.OL) has raised its recommended offer to acquire Capricorn Energy plc (CNE.L, CRNCY) in a revised all-cash deal worth approximately $396 million.
Under the revised terms, Capricorn shareholders will receive $5.214 in cash for each share they hold in the London-listed energy company.
The improved bid represents a significant premium of approximately 46% to Capricorn’s closing share price of 266 pence recorded on March 10.
The offer also represents a 61% premium to Capricorn’s three-month volume-weighted average price, reflecting the scale of DNO’s commitment to completing the acquisition.
The revised offer supersedes DNO’s original proposal, which comprised $4.224 in cash per share alongside a $0.99 special dividend payment to shareholders.
Under the new structure, Capricorn shareholders will receive the full acquisition value entirely in cash, simplifying the deal’s terms considerably.
As a result of the revised offer, Capricorn Energy no longer expects to declare the previously anticipated special dividend to its shareholders.
The revised offer from DNO is approximately 10% above the acquisition value that had been put forward under Genel’s previous offer for Capricorn.
The transaction is expected to become effective in either the fourth quarter of 2026 or the first quarter of 2027, subject to the usual regulatory and shareholder approvals.
DNO ASA shares were trading 1.87% lower at NOK 19.38 on the Oslo Stock Exchange following the announcement of the revised deal.
Capricorn Energy shares responded positively to the news, rising 1.30% to GBp 389 on the London Stock Exchange as markets digested the improved offer.
The deal, if completed on schedule, would mark a significant consolidation move within the international oil and gas exploration sector heading into 2027.
