Deals
Capricorn Investor Seeks to End Tullow Deal, Push for Review
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One of the largest shareholders in Capricorn Energy Plc is urging the oil and gas producer to call off its proposed merger with Tullow Oil Plc and instead run a more thorough strategic review that could create better value for investors.
Palliser Capital UK Ltd., which owns more than 5% of Capricorn, argued in a letter to the company’s board Tuesday that the terms of the deal ascribe no value the company’s non-cash assets and amount to a “nil-premium” takeover rather than the merger-of-equals it was billed as.