DNO Iraq AS proposed to acquire Genel Energy plc (LSE:GENL) for £200 million on July 28, 2026. A cash consideration of £198.08 million valued at £0.69 per share will be paid by DNO Iraq AS. The Indicative Cash Offer values Genel’s entire issued and to be issued share capital at approximately £202 million and represents a premium of 38% to the closing price for Genel shares on August 6, 2026. Under the Alternative Offer, each Genel shareholder may choose to elect to receive a combination of cash and newly issued DNO ordinary shares equivalent in value to the Indicative Cash Offer per Genel share. DNO expects that such new DNO shares would be issued pursuant to DNO’s existing authorities granted by the annual general meeting in DNO and, as a result, if a firm offer is made on the terms of the Proposal, it would not be subject to the approval of the DNO shareholders. DNO believes the Proposal represents a compelling proposition for Genel shareholders, as it offers a high degree of deal certainty as the proposed offer is not conditional on completion or lapse of the announced offer for Capricorn on its current terms.
The Proposal is non-binding and subject to customary pre-conditions, including completion of due diligence to the satisfaction of DNO. The transaction is subject to approval of merger agreement by target board. Although the Genel Board rejected the approach on 4 August 2026, DNO remains willing to engage with the board in relation to the Proposal. DNO is required, by no later than September 4, 2026, to announce either a firm intention to make an offer for Genel in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer.
Philip Lambert, Onursal Soyer and David Anderson of Lambert Energy Advisory Limited acted as financial advisor for DNO Iraq AS.
DNO Iraq AS cancelled the acquisition of Genel Energy plc (LSE:GENL) on September 4, 2026.