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The bidding contest for Pharos Energy's Southeast Asian and North African oil portfolio has a clearer frontrunner.
Ratio Petroleum Energy raised its offer and locked in irrevocable undertakings from holders of 41.76% of Pharos' share capital, and now Serica Energy has said its own 32.6683 pence-per-share offer is final.
The claim is that Serica held its price out of M&A discipline. The risk is that Ratio built its position before Serica even made the call.
Serica entered the contest on July 26 with a recommended cash acquisition at 32.6683 pence per share total, comprising 28.6683 pence in cash and a 4-pence special dividend.
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