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Serica Energy Drops Takeover Bid for Pharos Energy

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Serica Energy (SQZ.L) withdrew from the race to bid for Pharos Energy (PHAR.L) after rival bidder Ratio Petroleum Energy increased its offer for the energy company, according to a Thursday release.

On Aug. 7, Ratio agreed on an increased recommended all-cash offer for Pharos of 0.3375 pound sterling per share, including the final dividend for full-year 2025, up from the original offer of up to 0.28 pound per share, terms that the target's board considers "fair and reasonable."

In light of the increased offer, Pharos' board plans to reschedule the court and general meetings called to consider the Ratio acquisition to Aug. 28 from Aug. 17.

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