Genel Energy has raised its cash offer for Capricorn Energy to $436 million, topping Norway’s DNO and regaining the backing of Capricorn’s board in a monthslong bidding contest.

Under the revised terms, Capricorn shareholders will receive about $5.74 per share, comprising $4.75 in cash and a $0.99 special dividend. The offer represents a 10% premium to DNO’s latest proposal.

Capricorn shares rose 12.2% to 443 pence by 0838 GMT, their highest level in more than 15 years, while Genel shares fell 2.1%.

Capricorn’s board withdrew its recommendation for DNO’s offer and backed Genel’s revised proposal, saying it provides shareholders with “superior value, certainty and deliverability.”

Genel has also secured commitments from shareholders including Palliser Capital, Newtyn Management, Kite Lake Capital and Madison Avenue Partners, representing about 39% of Capricorn’s issued share capital. DNO declined to comment when asked whether it would raise its offer.

The bidding war has centered on Capricorn’s Western Desert assets, which have made the company a target for energy firms seeking a presence in Egypt’s upstream sector.

Earlier in September, DNO had agreed to acquire Capricorn for about $396 million, replacing an earlier agreement with Genel. Capricorn’s Egyptian assets are operated through Badr El Din Petroleum Company (BAPETCO), a joint venture with EGPC and Cheiron.

Those assets averaged 20,024 barrels of oil equivalent per day in 2025 and generated $134 million in revenue and $81 million in net cash from Egyptian oil and gas operations.

Genel’s latest offer now puts the company back at the center of the competition for Capricorn’s Egypt portfolio.