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Israel's Ratio Petroleum Sweetens Takeover Bid for Pharos Energy

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Ratio Petroleum Energy raised its recommended cash takeover offer for London-listed oil and gas exploration and production company Pharos Energy (PHAR.L) following a competing bid from Serica Energy (SQZ.L).

The Israel-based oil and gas explorer raised its offer to 0.328183 pound sterling per share, valuing the target company at 146.4 million pounds, from the original offer of 0.28 pound per share, according to a Friday release. Serica Energy offered 0.3267 pound for each Pharos Energy share.

Pharos Energy's board backed the latest bid, which includes a special dividend of 0.04 pound per share. The company's shareholders who qualify for the final 2025 dividend will receive an offer price of 0.3375 pound per share.

The transaction remains subject to shareholder and court approvals. The deal's long-stop date is July 15, 2027.

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