Two of the potential suitors for Capricorn Energy have withdrawn their interest in making a bid, leaving the board of the Edinburgh-based oil and gas company to complete a deal with Genel Energy.

London-based Samos and the Saudi group Alamadiyaf al-Masiyyah said before today’s takeover panel deadline that they do not intend to make an offer for the business, which was created in the early 1980s by former Scotland rugby international Sir Bill Gammell.

The board said it is now focused on delivering the recommended $360 million offer for the company agreed with Genel on 2 July.

Shareholders in Capricorn, whose main interests are in north Africa, will receive $4.74 per share, made up of $3.75 in cash and a special dividend of $0.99.

It said the offer from Genel provides Capricorn shareholders with an opportunity for immediate realisation of future value potential in cash at an attractive premium. It reiterates its recommendation that shareholders vote in favour of the offer at shareholder meetings on 18 August.

Canaccord Genuity has been advising the Capricorn board.

One potential hurdle is that Kurdistan-focused Genel has received and rejected a £202m, or 69p-per-share, offer from Norway’s DNO which now has 28 days to consider improving the price.

Capricorn was launched as Cairn Energy by Bill Gammell in 1981 and developed a string of operations in the North Sea and India.

It was listed on the London Stock Exchange in 1988 and renamed Capricorn in December 2021. In recent years has focused on Egypt’s Western Desert where it holds a portfolio of onshore development and production assets.

It has a stated strategy to explore new opportunities in Egypt, the UK North Sea and the broader MENA region.

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