DNO ASA Shifts to All-Cash Bid for Capricorn Energy

DNO ASA, a Norwegian oil and gas operator, has reached an agreement with Capricorn Energy to revise the terms of its proposed acquisition. The updated agreement replaces the original offer structure with an all-cash bid, ensuring Capricorn shareholders receive the full acquisition value in cash.

This shift in terms removes the previous requirement for Capricorn Energy to declare and pay a dividend before the transaction is finalized. Both companies stated that the revised structure provides shareholders with greater certainty regarding the total value of the deal.

The board of Capricorn Energy intends to unanimously recommend that its shareholders vote in favor of the scheme at upcoming general and court meetings. The cash acquisition value will be paid to shareholders through DNO Bidco AS.