What did Serica Energy state about the finality of its bid for Pharos Energy, and under what condition might it reconsider?

Serica Energy stated that its £145.7 million ($196.59 million) proposal for Pharos Energy, tabled on July 26, is final and will not be increased or improved — unless certain circumstances arise, including another bid for Pharos.

Why did Pharos Energy’s board withdraw its recommendation of Serica’s offer?

Pharos Energy’s board unanimously withdrew its recommendation of Serica’s offer after Ratio Petroleum sweetened its competing bid to 32.8 pence per share — slightly higher than Serica’s 32.67 pence per share — prompting Pharos to instead back Ratio’s proposal.

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

Aug 9, 2026

Serica Energy confirmed its final $197 million takeover offer for Pharos Energy remains unchanged, despite competitor Ratio Petroleum submitting a higher bid that secured Pharos' board support.

reuters

2026-06-24

Israel-based Ratio Petroleum to Acquire Pharos Energy

2026-08-09

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

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