Edinburgh-based oil and gas firm Capricorn Energy — formerly Bill Gammell’s Cairn Energy — said on Tuesday it remains “focused on delivering” the recommended takeover offer for Capricorn agreed with Genel Energy plc on July 2, 2026.

Two potential rival bidders said on Tuesday they do not intend to make an offer for Capricorn.

On July 2, Capricorn said it accepted a $360 million (£271 million) cash takeover offer from London-based Genel Energy.

Capricorn, which has operations in Egypt and the UK North Sea, said the offer from Genel valued each Capricorn share at $4.74, or £3.57. This comprises $3.75 in cash and an intended special dividend of $0.99.

The offer represented a premium of 34% to the closing price per Capricorn share of £2.66 on March 10, 2026, the day prior to the start of the Offer Period.

“The board of Capricorn notes the announcements from Samos and Alamadiyaf al-Masiyyah that they do not intend to make an offer for Capricorn,” said the Edinburgh firm on Tuesday.

“As a result, both Samos and Alamadiyaf al-Masiyyah are bound by the restrictions set out in Rule 2.8 of the Takeover Code …

“The board notes the announcements from Samos and Alamadiyaf al-Masiyyah, and confirms that it remains focused on delivering the recommended offer for the company agreed with Genel Energy plc on 2 July 2026.

“The board continues to believe the offer from Genel provides Capricorn shareholders with an opportunity for immediate realisation of future value potential in cash at an attractive premium to the closing price per Capricorn Share of 266 pence on the Undisturbed Date, and therefore reiterates its recommendation that Capricorn shareholders vote in favour of the offer from Genel at the shareholder meetings due to take place on 18 August 2026.

“The Capricorn Directors, who have been so advised by Canaccord Genuity as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable.

“In providing its advice to Capricorn Directors, Canaccord Genuity has taken into account the commercial assessments of the Capricorn Directors. Canaccord Genuity is providing independent financial advice to the Capricorn Directors for the purposes of Rule 3 of the Code …”