Serica Energy plc has exited its offer to buy Pharos Energy plc after the Pharos board withdrew its recommendation of acceptance in favour of a third party’s higher bid.
Serica’s £145.7m offer at the end of July followed Israel-based Ratio Petroleum Energy LP’s bid of £124.3m, which it subsequently increased to £146.4m.
The UK North Sea-focused company today said it would not increase its final offer, adding: “Serica confirms that it will not elect to implement its offer by way of a contractual offer.”
Earlier this week, the company announced it continued to evaluate “rigorously” a “pipeline of opportunities, both in the UK North Sea and other areas” in order to expand its portfolio.