finance.yahoo.com

Serica Won’t Raise Pharos Bid After Ratio Increases Offer

Serica Energy logoSerica Energy
Sig1.65Sen-1.70Env0.00Soc0.00Gov0.00
Pharos Energy logoPharos Energy
Sig2.15Sen+1.85Env-2.35Soc-0.85Gov+0.40

Serica Energy said it will not raise its offer for Pharos Energy after rival bidder Ratio Petroleum Energy increased its proposal, effectively ending Serica’s participation at its current price. Serica had entered the contest on July 26 at 32.6683 pence per share. The deal would have expanded Pharos’s upstream oil portfolio in Vietnam and Egypt beyond Serica’s UK North Sea focus.

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