Genel Energy Rejects Unsolicited Proposal from DNO ASA

Genel Energy PLC has addressed a proposal from DNO ASA regarding a potential acquisition. The unsolicited offer suggested a cash acquisition at 69 pence per share. Genel's board, in collaboration with its advisers, has unanimously rejected this proposal, citing that it significantly undervalues the company. Shareholders have been advised to take no action concerning the offer.

The proposal is not a confirmed offer under the City Code on Takeovers and Mergers. DNO must announce a firm intention by September 4, or else declare no further interest, in line with the regulatory guidelines.

Notably, Genel recently announced an agreement involving a cash offer for Capricorn Energy by its subsidiary, Bidco. Details of shareholder meetings regarding this offer have been set for later this month. The company communicated this announcement independently, without DNO's consent.