No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Shares of Pharos Energy slumped on Monday after Serica Energy said it won't be lifting its takeover proposal for the oil and gas company.
Serica said it would not be increasing the 145.7m bid proposal announced on 26 July, after Israel's Ratio Petroleum Energy outbid it with a 146.4m proposal on Friday. Pharos' directors subsequently withdrew their support for Serica's bid and recommended the sweetened offer from Ratio Petroleum.
Serica Energy said on Monday that its offer of 28.6683p in cash and a 4p special dividend was final and would not be increased.
"Serica continues to rigorously evaluate a pipeline of opportunities, both in the UK North Sea and other areas in which the company can successfully deliver its strategy," it said.
At 1055 BST, Pharos Energy shares were down 6.6% at 31.28p.
See latest RNS on Investegate
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.