Serica Ditches Higher Bid for Pharos as Ratio Steps Up Offer

Serica Energy has declared its takeover bid for Pharos Energy final after rival bidder Ratio Petroleum Energy raised its offer, outbidding Serica's proposal. The UK-listed oil and gas producer said its offer remains at a total value of 32.6683 pence per Pharos share, comprising 28.6683 pence in cash and a 4-pence special dividend.

Serica described these financial terms as final, subject to limited exceptions under UK takeover rules. The decision follows an increased offer announced by Ratio on August 7.

Ratio said it had secured irrevocable undertakings covering about 41.76% of Pharos' issued share capital. Serica had entered the contest for Pharos on July 26 with a recommended cash acquisition at 32.6683 pence per share, surpassing an earlier Ratio transaction under which eligible shareholders stood to receive up to 28 pence per share.

Pharos operates in Vietnam and Egypt, with first-half 2026 working-interest production of about 5,650 barrels of oil equivalent per day. The company has recently been investing in drilling across both countries.