UK's Serica says $197 million bid for Pharos is final

Serica Energy said it will not raise its £145.7 million ($196.59 million) takeover proposal for Pharos Energy, days after Israel’s Ratio Petroleum submitted a higher offer. The unchanged bid suggests Serica is unwilling to pay up, potentially increasing uncertainty around deal completion and negotiations.

Analysis

Serica Energy said it will not raise its £145.7 million ($196.59 million) takeover proposal for Pharos Energy, days after Israel’s Ratio Petroleum submitted a higher offer. The unchanged bid suggests Serica is unwilling to pay up, potentially increasing uncertainty around deal completion and negotiations.