The battle to acquire the independent energy company Capricorn Energy, which operates in Egypt, has entered a new phase with the emergence of a potential competitor—Genel Energy.

Deal Progress and New Offers

Earlier this month, Genel Energy reached an agreement to purchase Capricorn Energy for $360 million in cash. This development followed the Edinburgh-based company's decision to extend the deadline for a possible takeover bid from Saudi Arabia’s Cafani Group, based in Jeddah. The Saudi company did not submit a counteroffer to Genel’s bid, which was backed by Capricorn’s board of directors and valued at $4.74 (3.54 pounds sterling) per share.

After the close of trading on the London Stock Exchange on Wednesday, Capricorn Energy announced it had received a proposal from the American company Samos Energy for a potential cash acquisition at a price of 3.81 pounds sterling ($5.09) per share. The company stated that this offer is subject to due diligence, negotiations with Samos are ongoing, and shareholders have been advised to refrain from taking any action at this time.

Samos Energy’s Activities

In 2023, Samos Energy acquired production assets in Southeast Asia from Blackrock Infrastructure and Petrofac, including the Jasmine floating production, storage, and offloading unit in Thailand, the Lewek Emas FPSO in Vietnam, and the West Desaru mobile offshore production unit in Malaysia. Earlier this year, the company also purchased the Suksan Salamander floating storage and offloading facility in Thailand from Altera Infrastructure.

This month, Samos completed the initial public offering of Samos Energy Acquisition Corporation (SEAC) on the New York Stock Exchange, raising $230 million to acquire income-generating international energy assets. SEAC positions itself as an investor in special situations involving traditional energy assets.

Leadership and Investment Activity

Samos Energy is led by CEO Jacques Tohmé, a graduate of Columbia University’s engineering faculty and co-founder of the British company Tailwind Energy, which was sold to Serica Energy in 2023. He also serves as managing partner at Amerocap, a private investment firm specializing in early-stage investments in energy, critical minerals, artificial intelligence, and the defense industry.

Market Reaction and Shareholder Conditions

During Thursday morning trading, Capricorn shares rose by about 6% to 3.76 pounds sterling ($5.03), while Genel shares fell by 2% to 0.51 pounds sterling ($0.68).

Analysts note that the Samos offer represents a premium of approximately 7.6% over the recommended Genel bid. For shareholders to consider alternative options, they must receive a firm offer from Samos before the general meeting scheduled for August 15, where Genel’s proposal—currently the only firm offer—will be discussed.

Four Capricorn shareholders, who collectively own nearly 40% of the company’s shares, had previously committed to support the Genel offer. However, they may withdraw their support if a competing bid emerges that is at least 6.5% higher than Genel’s $4.74 per share offer. The Samos proposal of 3.81 pounds sterling per share exceeds this threshold.