Serica Energy confirms its final offer for Pharos, rejecting further increases after rival Ratio Petroleum raised its bid.
Serica Energy will not raise its 32.6683 pence per share offer for Pharos Energy, declaring its bid final. The proposal includes 28.6683 pence in cash and a 4-pence special dividend, unchanged despite a competing bid from Ratio Petroleum Energy.
Serica initially entered the contest on July 26 with a recommended cash offer, surpassing Ratio’s earlier proposal of up to 28 pence per share. Ratio later secured irrevocable undertakings for 41.76% of Pharos’ share capital, prompting Serica’s decision to stand pat.
The acquisition targets Pharos’ upstream assets in Vietnam and Egypt, which produced about 5,650 barrels of oil equivalent per day in the first half of 2026. Serica cited a disciplined M&A approach for its decision.