Capricorn Energy said on Wednesday the deadline for Cafani Group-linked investment vehicle Alamadiyaf al‑Masiyyah to make a formal takeover offer for the London-listed oil producer has been extended for a third time to July 1.
Alamadiyaf al‑Masiyyah continues to progress its funding arrangements for a potential all-cash offer, the company said.
Here are some details:
Saudi-based Alamadiyaf al‑Masiyyah made multiple non-binding takeover approaches to the company, Capricorn Energy had said in March.
The extension follows previous extensions to the "put up or shut up" deadline to May 6 and then to June 3 to allow more time for funding arrangements.
Capricorn Energy is reliant on Egypt's Western Desert while evaluating opportunities in the UK North Sea and the Middle East and North Africa.
Shares in the company rose 2.2% at 332 pence in early trading.
(Reuters - Reporting by Ankita Bora in Bengaluru; Editing by Subhranshu Sahu)