Pharos Energy slumps as Serica says it won't increase takeover offer

10th Aug 2026 10:57

(Sharecast News) - Shares of Pharos Energy slumped on Monday after Serica Energy said it won't be lifting its takeover proposal for the oil and gas company.

Serica said it would not be increasing the £145.7m bid proposal announced on 26 July, after Israel's Ratio Petroleum Energy outbid it with a £146.4m proposal on Friday. Pharos' directors subsequently withdrew their support for Serica's bid and recommended the sweetened offer from Ratio Petroleum.

Serica Energy said on Monday that its offer of 28.6683p in cash and a 4p special dividend was final and would not be increased.

"Serica 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," it said.

At 1055 BST, Pharos Energy shares were down 6.6% at 31.28p.

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