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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.
Israel-based Ratio Petroleum raised its takeover bid for Pharos Energy to £146.4 million, outbidding rival Serica Energy and securing the board's recommendation. The offer values shares at 32.8 pence
Ratio Petroleum agreed to acquire Pharos Energy in an all-cash deal valued at £124.3 million, gaining access to production assets in Egypt and Vietnam.
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