DNO ASA's takeover offer for Capricorn Energy has officially lapsed after the Norwegian firm was outbid by British company Genel Energy.
Capricorn Energy has this morning confirmed the takeover offer from DNO and Bidco has lapsed after conditions were not satisfied.
DNO ASA, a Norwegian oil and gas operator active in the North Sea and the Middle East, and its subsidiary DNO Bidco AS, had made a revised offer for the entirety of Capricorn's issued and to-be-issued shares on September 17.
But Genel topped that bid with an offer worth $436million just weeks later.
DNO's offer was conditional, amongst other things, on the Court Meeting and the General Meeting being held on or before November 7 2026.
As the conditions were not met by November 7, Bidco has invoked the "Mini Long Stop Date" condition of the offer, causing it to formally lapse.