Serica Declares Pharos Energy Takeover Bid Final as Rival Ratio Raises Offer

3-line summary

• Serica Energy said it will not raise its offer for Pharos Energy after rival bidder Ratio Petroleum Energy raised its proposal, with Serica's offer remaining at 32.6683 pence per share, according to a report via Yahoo Finance.
• Ratio said it had secured irrevocable undertakings covering about 41.76% of Pharos' issued share capital following its increased offer announced August 7.

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