7th Aug 2026 11:06
(Alliance News) - Pharos Energy PLC on Friday said it is recommending a fresh takeover approach from Ratio Petroleum Energy LP, as it withdrew its support for a takeover by Serica Energy PLC, a London-based oil and gas producer.
Pharos Energy has assets in Vietnam and Egypt.
Pharos Energy in late June had recommended a takeover by Ratio Petroleum, but in late July switched to recommending an approach by Serica Energy.
The recommended takeover offer by Tel Aviv-based Ratio Petroleum values Pharos Energy at GBP146.4 million, around 32.82 pence per share, or 0.5% more than Serica Energy's offer announced in late July, valuing Pharos Energy at 32.67p, or GBP145.7 million.
Ratio's initial approach in late June had valued Pharos Energy at 28p each, around GBP124.3 million.
Under Ratio's new offer, Pharos Energy shareholders would receive about 28.82p in cash, plus 4.0p in cash per Pharos Share via a special dividend to be paid from Pharos's existing cash resources.
Pharos Energy shares rose 7.6% to 33.90p each on Friday morning in London, while Serica Energy shares fell 1.8% to 227.78p each.
By Tom Budszus, Alliance News slot editor
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Pharos EnergySerica Energy