UK-headquartered Capricorn Energy, formerly known as Cairn Energy, has confirmed the extension of the deadline for a potential takeover offer from Alamadiyaf al-Masiyyah, a member of Saudi Arabia’s Cafani Group.
After Capricorn Energy received multiple unsolicited non-binding proposals from Alamadiyaf al-Masiyyah regarding a possible all cash offer to acquire the entire issued and to be issued share capital of the company, its board evaluated the potential offer with its financial and legal advisers and provided due diligence access to the Saudi player’s affiliate.
Discussions with Alamadiyaf al-Masiyyah were ongoing in March 2026, and the board of Capricorn Energy was seeking clarity around the firm’s funding arrangements. The company had until April 8, 2026, to either announce a firm intention to make an offer for Capricorn Energy or state that it does not intend to make it.
In a separate statement, the UK player responded to media speculation and confirmed the receipt of multiple proposals from Dragon Oil to acquire the company’s assets in the Western Desert. Following consideration of the latest proposal, the firm explained that it did not appear to reflect the underlying value of these assets.
Meanwhile, Alamadiyaf al-Masiyyah requested and the Panel on Takeovers and Mergers consented to an extension of the PUSU deadline to allow further time for the firm to progress its funding arrangements regarding its takeover offer for Capricorn.
As a result, Cafani’s affiliate is now required to announce a firm intention to make an offer for Capricorn or denounce it by May 6, 2026. This revised PUSU deadline may be further extended by the company with the consent of the Panel.
“There can be no certainty that any firm offer will be made, nor as to the terms of any such firm offer,” underlined the UK player, while advising its shareholders to take no action.
The firm elaborates that the payment from Waldorf of around $4 million is expected in Q2 2026 dependent on the restructuring plan sanction, while Woodside continues to contest Senegal tax claims in Senegal and through an international tribunal.
In addition, the company continues to evaluate merger and acquisition (M&A) opportunities in Egypt, the UK North Sea, and the general Middle East and North Africa (MENA) region to expand and diversify its operations.