$PHAR.L

Pharos Energy Agrees GBP124 Million Takeover by Ratio Petroleum Energy

Independent upstream oil and gas company Pharos Energy (PHAR.L) agreed to the terms of a recommended acquisition offer by Ratio Petroleum Energy, according to a Wednesday filing.Ratio Petroleum offered up to 0.28 pound sterling for each Pharos share, valuing its entire share capital at 124.3 million pounds sterling. The offer comprises 0.2307 pound in cash, a special dividend of 0.04 pound per share, and a final 2025 dividend of 0.0093 pound per share.Pharos' board intends to unanimously recommend that shareholders vote in favor of the transaction, which is expected to take effect in the first half of 2027 via a scheme of arrangement, subject to shareholder, regulatory, and court approvals.