Pharos Energy accepts GBP146 million takeover offer from Serica Energy
(Alliance News) - Pharos Energy PLC has agreed to an all-cash takeover offer from Serica Energy PLC that values Pharos at GBP145.7 million, the two London-listed companies announced on Sunday evening.
The Serica offer of 32.6683 pence per Pharos share is comprised of a cash payment of 28.6683 pence per share from Serica and a 4.0p special dividend paid from Pharos' cash resources.
The new offer for Pharos Energy, which has assets in Vietnam and Egypt, trumps a 28.0p offer from Ratio Petroleum Energy LP, to which Pharos had already agreed last month. The Ratio offer was 23.0683p per share in cash, plus the same 4.0p special dividend.
Pharos shares closed at 24.80p on Friday in London for a GBP103.7 million market capitalisation. Serica closed at 257.20p for a GBP1.01 billion market cap.
Serica and Pharos said Serica's offer has acceptance from shareholders representing 14.3% of Pharos shares.
Serica is an offshore oil and gas producer in the UK continental shelf.
By Tom Waite, Alliance News editor
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