By John Lee.
Genel Energy has unanimously rejected an unsolicited takeover proposal from Norway's DNO ASA, saying the offer fundamentally undervalues the company.
DNO proposed to acquire all of Genel's issued ordinary share capital at 69 pence per share in cash. The board of Genel, having evaluated the proposal with its advisers, rejected the approach and advised shareholders to take no action.
Under Rule 2.6(a) of the Takeover Code, DNO must, by no later than 5.00 pm on 4 September, either announce a firm intention to make an offer or confirm that it does not intend to proceed.
Separately, on 2 July 2026, Genel and Capricorn Energy announced agreement on the terms of a recommended cash offer by Genel Energy No.9 Limited (Bidco) for Capricorn's entire issued share capital. A scheme document was published on 21 July 2026, with shareholder meetings to approve the offer convened for 18 August 2026.
(Source: Genel Energy)
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