New interest

Capricorn Energy receives further takeover offer

Capricorn Energy
Capricorn Energy: multiple offers

Capricorn Energy has received another proposed takeover offer the company, this time from Samos Energy.

The proposal is worth 381p per share and values the company at $360m, an identical price to an offer from from Kurdistan, Iraq-focused peer Genel Energy, as announced on 2 July.

Samos Energy is a special situations investor in energy assets pursuing asset acquisitions and financings across the sector.

The London-headquartered group has a portfolio of oil and gas assets in Thailand, Vietnam and Malaysia.

Its proposal represents a 43% premium to Capricorn’s closing ​price on 10 March, the day before the interest ‌of another rival suitor, Saudi Arabia’s Cafani Group, became public. Cafani must submit a formal offer by 29 July after several deadline extensions.

The board said shareholders should take no action and a further announcement will be made as and when appropriate.

Capricorn Energy is based in Edinburgh and was created as Cairn Energy in the 1980s by Sir Bill Gammell.

Shares of Capricorn Energy closed up ‌0.5% at 354p and have risen 81.4% this year.



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