Capricorn Energy’s rival suitors have been given a deadline by the Takeover Panel for making their intentions known.
The panel has ruled that Saudi invetment group Alamadiyaf al-Masiyyah and Samos must announce by 5pm on 11 August, whether they intend to make a firm offer for the Edinburgh-based oil and gas explorer whose principal interests are in north Africa.
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.
The Samos 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.
The deadline for Alamadiyaf al-Masiyyah and Samos is seven days before Capricorn’s shareholder meeting on 18 August to approve the recommended all-cash acquisition by Genel Energy.
All parties have accepted today’s ruling.
Capricorn was founded as Cairn Energy by former Scottish rugby international Bill Gammell. Its biggest single shareholder is Palliser Capital with 13.83% of the stock, followed by Newlyn Partners with 13.6% and Morgan Stanley on 11.8%.
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