Serica Energy Declares Pharos Energy Takeover Bid Final as Ratio Raises Offer

M&A · Partnership
โดย Oilprice.com·GB·Read original
Summary · why it matters

Serica Energy has declared its offer for Pharos Energy final at 32.6683 pence per share, comprising 28.6683 pence in cash and a 4-pence special dividend, and will not increase it after rival Ratio Petroleum Energy raised its proposal. Ratio announced an increased offer on August 7 and said it had secured irrevocable undertakings covering about 41.76% of Pharos' issued share capital. Serica had entered the contest on July 26 with a recommended cash acquisition that surpassed an earlier Ratio transaction worth up to 28 pence per share. The company said its decision reflects a disciplined approach to mergers and acquisitions and that it continues to evaluate other opportunities in the UK North Sea and elsewhere. Pharos operates in Vietnam and Egypt with first-half 2026 working-interest production of about 5,650 barrels of oil equivalent per day, and generated $82 million in first-half revenue with $45.2 million of cash at the end of June.

Impact on stocks 2

Energy± Mixed · 2 stocks
Pharos Energy plc
PHAR
▲ PositiveCapitalrelevance

Serica's final offer at 32.67p per share, including special dividend, is higher than Ratio's increased offer, potentially leading to a higher acquisition price for Pharos shareholders.

Serica Energy PLC
SQZ
▼ NegativeCapitalrelevance

Serica declares its offer final and will not increase it, potentially losing the bidding war to Ratio Petroleum, which has secured irrevocable undertakings for 41.76% of Pharos.

Off-coverage companies 1

Ratio Petroleum Energy LPPrivate▲ Positive
Capitalrelevance

Ratio's increased offer and secured irrevocable undertakings strengthen its position in the bidding war for Pharos, increasing its chances of winning the acquisition.

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