Capricorn Energy Plc.’s sale to Tullow Oil Plc. appears to be in peril, with more than a quarter of the shareholder base in the oil and gas company saying they plan to vote against the deal.
Capricorn investors Madison Avenue Partners, Kite Lake Capital Management, Legal & General Investment Management, Newtyn Management and Palliser Capital UK Ltd. all say they oppose the deal. Collectively, the investors represent more than 27% of Capricorn’s shareholder base, according to regulatory filings. The takeover requires the support of at least 75% of Capricorn’s shareholders who cast ballots.
The investors ...
