DNO had initially presented two acquisition structures in July, offering shareholders either 69 pence per share in cash or a mix of cash and new DNO equity. Genel Energy rejected the overtures, labeling the valuation insufficient. Despite DNO’s stated desire to negotiate, the board at Genel remained firm, declining to extend the September 4 deadline required to formalize a bid.

This collapse in talks follows a separate competitive maneuver by the Norwegian company earlier this week. DNO successfully outbid Genel in a separate deal for Capricorn Energy, securing an agreement valued at approximately $396 million. Genel, which had previously entered its own $360 million agreement to acquire Capricorn, offered no comment on the failed DNO acquisition attempt.