Israel's Ratio Petroleum sweetens Pharos Energy offer, outbidding Serica

Ratio Petroleum Energy increased its takeover offer for Pharos Energy to ~£146.4M ($196.97M), outbidding rival Serica Energy and regaining the board’s recommendation. The higher bid signals strengthening deal momentum, which is likely to reprice Pharos takeover expectations in the near term.

Analysis

Ratio Petroleum Energy increased its takeover offer for Pharos Energy to ~£146.4M ($196.97M), outbidding rival Serica Energy and regaining the board’s recommendation. The higher bid signals strengthening deal momentum, which is likely to reprice Pharos takeover expectations in the near term.