Capricorn Energy suitor given new bid deadline – Daily Business
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Capricorn Energy: subject to takeover proposal
A Middle East suitor pursuing Edinburgh-based oil and gas explorer Capricorn Energy has been given more time to make its takeover intentions known.
Capricorn, formerly known as Cairn Energy, announced in March that it had received unsolicited non-binding proposals regarding a potential cash offer for the firm from Saudi-owned Alamadiyaf al-Masiyyah, a member of the Cafani Group.
The latest deadline, set for today, has been further extended to 1 July.
The Scottish company has undergone considerable changes since being set up by former Scottish rugby international Sir Bill Gammell and is now focused on North Africa.
The Capricorn board has been evaluating M&A opportunities in the UK North Sea and in the MENA region against a strict set of strategic, financial and returns criteria.
Capricorn was boosted recently when a court cleared the way for the company to receive up to $5m which had been held up by a legal dispute concerning North Sea assets it once owned.
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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