Capricorn Energy Agrees to Genel Energy's $360 Million Takeover Bid
Capricorn Energy (CNE.L) agreed to a recommended cash acquisition by Genel Energy's (GENL.L) indirect wholly owned subsidiary, Genel Energy No.9 Ltd., under which the bidder will acquire the company's entire issued and to be issued share capital.The oil producer offered $4.74 for each Capricorn share, comprising $3.75 in cash and a special cash dividend of $0.99, valuing the target asset's entire share capital at $360 million on a fully diluted basis, according to a Thursday filing.The takeover will be implemented through a Sottish scheme of arrangement, which is expected to take effect in the second half, subject to shareholder and court approvals. Capricorn's directors intend to unanimously recommend that shareholders vote in favor of the scheme at the company's court meeting.
