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Serica Energy Declares Pharos Energy Takeover Bid Final as Ratio Raises Offer
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.
PHAR.LSE · Capital · Positive 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.
SQZ.LSE · Capital · Negative 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.
Ratio Petroleum Energy LP · Capital · Positive Ratio's increased offer and secured irrevocable undertakings strengthen its position in the bidding war for Pharos, increasing its chances of winning the acquisition.