{"id":32600,"date":"2026-08-10T11:21:42","date_gmt":"2026-08-10T11:21:42","guid":{"rendered":"https:\/\/microvibenews.com\/?p=32600"},"modified":"2026-08-10T11:21:42","modified_gmt":"2026-08-10T11:21:42","slug":"serica-sticks-to-pharos-terms-despite-higher-ratio-offer-daily-business","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=32600","title":{"rendered":"Serica sticks to Pharos terms despite higher Ratio offer \u2013 Daily Business"},"content":{"rendered":"

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\"Serica\"Serica
Serica is not raising its offer for Pharos<\/em><\/figcaption><\/figure>\n

Serica Energy said it is sticking to its existing offer for Pharos Energy despite bid rival Ratio Petroleum increasing its proposed price.<\/p>\n

On Friday, Vietnam and Egypt focused Pharos Energy withdrew its support for Serica\u2019s \u00a3145.7 million cash offer and is recommending a revised takeover approach from Ratio.<\/p>\n

The recommended takeover offer by Tel Aviv-based Ratio values Pharos at \u00a3146.4 million, around 32.82 pence per share, or 0.5% more than Serica Energy\u2019s offer announced in late July, valuing Pharos Energy at 32.67p, or \u00a3145.7 million.<\/p>\n

Ratio\u2019s initial approach in late June had valued Pharos Energy at 28p each, around \u00a3124.3 million.<\/p>\n

Under Ratio\u2019s new offer, Pharos Energy shareholders would receive about 28.82p in cash, plus 4.0p in cash per Pharos Share via a special dividend to be paid from Pharos\u2019s existing cash resources.<\/p>\n

Serica has this morning stated that it \u201cretains a highly disciplined approach to M&A\u201d and the financial terms of its offer of 32.6683p per Pharos share, comprised of 28.6683p in cash and 4p in cash by way of a special dividend are final and will not be increased.<\/p>\n

It said it continues to rigorously evaluate a pipeline of opportunities, both in the UK North Sea and other areas in which the Company can successfully deliver its strategy.<\/p>\n

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