Norwegian oil and gas company DNO said it doesn't intend to make an offer to acquire Genel Energy, and that the board of its U.K. peer didn't show willingness to engage in talks.

DNO had proposed a 202 million-pound ($273.2 million) takeover with two potential deal structures in July. Under the first proposal, Genel Energy shareholders would receive 69 pence in cash for each Genel share, while a second proposal would see Genel shareholders offered a combination of cash and newly issued DNO shares, which would be equivalent in value to the cash offer.

Genel rebuffed the proposal at the time, saying it undervalued the company, while DNO said it remained willing to engage on the proposition.

Under U.K. takeover rules, DNO had until Sept. 4 to announce a firm intention to make an offer for Genel or walk away.

"DNO firmly believes that it would have been in the interests of Genel shareholders for the Genel board to engage and to extend the 4 September 2026 deadline to determine whether a mutually acceptable proposal could have been reached," it said in a statement Friday.

"DNO is disappointed that the Genel board was unwilling to do so."

Genel declined to comment.

The Norwegian company earlier this week trumped a bid by Genel for Capricorn Energy, agreeing on a deal that values the British oil and gas exploration and production company at around $396 million. Genel had previously agreed on a deal to buy Capricorn for around $360 million.