Edinburgh-based oil and gas firm Capricorn Energy — formerly Bill Gammell’s Cairn Energy — on Thursday agreed to revised terms of a $396 million takeover offer from Norwegian oil company DNO.

DNO will now pay $5.214 in cash for each Capricorn share, compared to its earlier proposal of $4.224 in cash and $0.99 in dividend payouts.

Capricorn had agreed to DNO’s proposal earlier in September.

Capricorn said the Sterling equivalent value of the revised acquisition price — 388p per share — represents a premium of 46% to the closing price per Capricorn Share of 266p on March 10, 2026, the day prior to the start of the Offer Period.