DNO ASA, a leading Norwegian oil and gas operator active in the North Sea and the Middle East, said that the boards of DNO, DNO Bidco AS and that of Capricorn Energy, an independent, UK-based oil and gas exploration and production company,  have agreed to revise the terms of its proposed acquisition of Capricorn, with shareholders now set to receive the full acquisition value in cash.

Under the revised terms, Capricorn shareholders will receive an amount equal to the full acquisition value in cash from Bidco, removing the need for the British group to declare and pay a previously permitted dividend before the deal becomes effective, said DNO in a statement.

The companies said the revised all-cash offer would provide Capricorn shareholders with greater certainty over the value of the transaction than the original offer.

The revised terms follow DNO's acquisition proposal announced on September 1, it stated.

Capricorn's board said it intends to unanimously recommend that shareholders vote in favour of the scheme at a court meeting and related resolutions at a general meeting, both of which are expected to be convened as soon as practicable.-TradeArabia News Service