US Markets
Home›US Markets›M&A & Deals›Serica ends Pharos bid at unchanged 32.6683 pence per…
Serica ends Pharos bid at unchanged 32.6683 pence per share
Serica said its offer stays at 28.6683 pence in cash plus a 4-pence special dividend, after Ratio Petroleum raised its proposal and secured commitments covering about 41.76% of Pharos shares.
Serica Energy said it will not increase its takeover offer for Pharos Energy after rival bidder Ratio Petroleum Energy raised its proposal, effectively ending Serica's participation in the contest at the current price level.
Serica said its bid remains at a total value of 32.6683 pence per Pharos share, made up of 28.6683 pence in cash and a 4-pence special dividend. The UK-listed company described the terms as final, subject to limited exceptions under UK takeover rules.
The decision follows Ratio's higher offer announced on August 7, with Serica pointing to Ratio's statement that it has secured irrevocable undertakings covering about 41.76% of Pharos' issued share capital. Serica previously entered the process on July 26 with a recommended cash acquisition at the same 32.6683 pence per share.
Pharos has an upstream portfolio that would expand an acquirer beyond the UK North Sea, with operations in Vietnam and Egypt. In the first half of 2026, Pharos reported working-interest production of about 5,650 barrels of oil equivalent per day, and it generated $82 million in revenue while holding $45.2 million of cash at the end of June.