Capricorn Energy plc and Tullow Oil plc today confirmed the cancellation of the proposed transaction for an all-share merger.
STATEMENTS
Capricorn said that on 29 September 2022, Tullow announced it had determined not to increase the value of its offer for Capricorn or to elect to implement its offer by way of a contractual offer.
The co-operation agreement dated 1 June 2022 between the two companies has also since been terminated.
In its statement Tullow said it had noted the Capricorn’s statement and confirmed it would no longer proceed with the proposed deal.
NEWMED MERGER
On 6 September 2022, Capricorn announced it was looking for alternative deals while at the time still pursuing a merger with Tullow.
On 29 September 2022, Capricorn and Israeli company NewMed Energy Ltd announced a proposed merger.
Reports yesterday indicated that Capricorn shareholder Palliser Capital had advised against the deal because it would undervalue Capricorn in a similar manner to the Tullow merger.