Capricorn Energy has given up on its planned merger with Israeli group NewMed Energy, following months of shareholder pressure.
Activist investor Palliser and some of Capricorn's biggest shareholders publicly opposed the tie up, while major shareholder advisory groups also recommended rejecting the plan.
Earlier this month, almost the entirety of Capricorn's board - including its chief executive - were replaced by new directors proposed by Palliser, who then announced a strategic review.
