Genel Energy

Genel Energy said the board unanimously rejected an unsolicited takeover offer from DNO of 69 pence per share, saying it undervalued the company, its assets, financial position and prospects. As of 31 July 2026 Genel had cash of $240m and holds a 25% stake in the producing Tawke licence. The company is reviewing options for capital deployment to diversify cash generation; a resumption of exports in Kurdistan could, the results statement said, potentially double Tawke revenues. » More on de.investing.com

Genel Energy’s share fell about 12.8% today to 55.48 pence after DNO formally withdrew its planned offer to acquire all issued shares. DNO had put forward an offer of 69 pence per share in early August but has now withdrawn it, saying the Genel board was unwilling to engage and that an extension of the deadline had failed. The withdrawal removed the takeover premium that had been priced into the stock and triggered a massive sell-off, pushing the share back toward its 52-week low. » More on de.investing.com

Genel Energy offers $4.74 per Capricorn share (a $3.75 cash price plus a $0.99 special dividend), valuing the entire equity at about $360 million. Capricorn shares rose as high as 353 pence intraday, their highest level in ten years; the offer represents a 34% premium to the closing price on 10 March 2026 and a 48% premium to the volume-weighted three-month average. The combined group would have pro-forma 2P reserves of 117 million barrels of oil equivalent and production of 41,003 barrels of oil equivalent per day, evenly split between Kurdistan and Egypt. The transaction is subject to Capricorn shareholder approval and an Egyptian approval and is expected to become effective in the second half of 2026; the long-stop date is 2 January 2027. » More on de.investing.com