Capricorn Energy confirms takeover approach from Alamadiyaf al-Masiyyah

(Sharecast News) - Shares of Capricorn Energy shot higher on Wednesday after the energy producer confirmed it has received multiple unsolicited all-cash non-binding takeover proposals from Alamadiyaf al-Masiyyah, a member of the Cafani Group. "The board has evaluated the possible offer with its financial and legal advisers and has provided due diligence access to Alamadiyaf al-Masiyyah," Capricorn said, responding to recent press speculation.

"Discussions with Alamadiyaf al-Masiyyah are ongoing and the board of Capricorn Energy is seeking clarity around Alamadiyaf al-Masiyyah's funding arrangements."

The company said there can be no certainty that any firm offer will be made, nor as to the terms of any such firm offer.

Under UK takeover rules, Alamadiyaf al-Masiyyah has until 8 April to either announce a firm intention to make an offer or walk away.

The Cafani Group is a privately owned Saudi investment company.

Capricorn shares closed up 6.4% at 283p.