Serica Energy says it won't raise bid for Pharos

Serica Energy has ruled out increasing its 32.6683p-a-share offer for Pharos Energy after Ratio Petroleum Energy LP raised its bid. Serica’s current offer is 28.6683p in cash plus a 4.0p special dividend, suggesting it is defending price rather than improving terms. Net effect is likely focused on Pharos and bidders, with limited broader market impact.

Analysis

Serica Energy has ruled out increasing its 32.6683p-a-share offer for Pharos Energy after Ratio Petroleum Energy LP raised its bid. Serica’s current offer is 28.6683p in cash plus a 4.0p special dividend, suggesting it is defending price rather than improving terms. Net effect is likely focused on Pharos and bidders, with limited broader market impact.