Samos Energy bids $359M for Capricorn, rivaling Genel's offer

Samos Energy lobbed a £268.8 million all-cash bid for Capricorn Energy on Wednesday, challenging Genel Energy's agreed $360 million takeover of the London-listed oil and gas producer.

"The latest proposal is subject to due diligence and discussions with Samos were ongoing," Capricorn said in a statement, advising shareholders to take no action.

Samos's 381 pence per share proposal represents a 43% premium to Capricorn's closing price on March 10, the day before interest from Saudi Arabia's Cafani Group became public. Genel's earlier offer valued each share at $4.74, or 357 pence, comprising $3.75 in cash and a $0.99 special dividend.

The bidding war underscores strong private equity appetite for UK energy assets and could drive Capricorn's final sale price higher. Cafani Group faces a July 29 deadline to submit a formal offer, while Samos's bid remains subject to due diligence with no timeline for a binding proposal.

Capricorn shares closed up 0.5% at 354 pence in London on Wednesday and have gained 81.4% this year as takeover interest has intensified. The Edinburgh-based company had agreed to Genel's all-cash buyout earlier in July after months of unsolicited approaches.

Samos Energy is a private investment firm specializing in acquiring and financing traditional energy assets. Genel Energy, which focuses on the Kurdistan region of Iraq, declined to comment on the rival bid.

This article is for informational purposes only and does not constitute investment advice.