Ratio Raises Takeover Bid for Pharos after Rival Serica Offer

Ratio Petroleum has increased its recommended all-cash offer for Pharos Energy after a competing bid from Serica Energy, with the revised proposal valuing the London-listed oil and gas company at approximately $197 million (£146.4 million).

The revised proposal represents a premium of about 29.2% to Pharos' closing share price on June 23, 2026, the last trading day before Ratio announced its original offer, and is approximately 0.5% higher than the equivalent value of Serica Energy's competing proposal.

Under the increased offer, Pharos shareholders would receive 28.8183 pence per share in cash together with a 4 pence per share special dividend, representing a total value of 32.8183 pence per share. Including the previously paid final dividend for the 2025 financial year of 0.9317 pence per share, shareholders would receive a total of 33.75 pence per share.

Ratio increased its bid after Serica announced an offer for Pharos on July 26. At the time, the Pharos board withdrew its recommendation for Ratio's original proposal and backed Serica's offer, which valued Pharos at about $196 million (£145.7 million) and would have expanded Serica's portfolio into Vietnam and Egypt.

The Serica transaction was also structured as a court-sanctioned scheme of arrangement and remained subject to