Corrected: UK's Capricorn Energy agrees to revised terms of $396 million takeover offer from DNO (Sept. 17)
CORRECTED-UK's Capricorn Energy agrees to revised terms of $396 million takeover offer from DNO (Sept. 17) Corrects second bullet in September 17 story to say Genel Energy is considering its options for Capricorn bid, not dropped out of takeover race, after DNO deal
Sept 17 (Reuters) - UK-listed Capricorn Energy CNE.L on Thursday agreed to revised terms of a $396 million takeover offer from Norwegian oil firm DNO DNO.OL.
Here are some details:
DNO said it will pay $5.214 in cash for each Capricorn share, compared to its earlier proposal of $4.224 in cash and $0.99 in dividend payouts.
Capricorn had agreed to DNO's proposal earlier in September, prompting its other bidder Genel Energy GENL.L to consider its options.
DNO, which is an operating partner of Genel's in Iraq's Kurdistan region, had attempted to buy out the latter unsuccessfully before competing with it to takeover Capricorn.
Dealmaking among oil companies operating in the Middle East is gathering pace as a surge in oil prices after the onset of the Iran war has enabled some energy firms focused on the region to pursue mergers and acquisitions.
(Reporting by Prerna Bedi in Bengaluru; Editing by Sonia Cheema)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))
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