Serica’s board remains unmoved by the new terms
Serica unmoved by sweetened Kistos offer
Improved terms fail to sway UK producer
AIM-listed Kistos has boosted its offer to peer Serica by 11pc, to 425p/share, but has immediately been again rebuffed by the latter’s management. And a leading analyst continues to back the rejection. The revised terms offer Serica shareholders for each of their shares 0.4 shares in Kistos and 213p in cash, of which 67p will be a distribution and 146p a cash consideration per Serica share. The cash element of the offer is reduced by 33p/share, but Serica shareholders’ share of the combined entity would increase from c.50pc to c.58pc compared with the first offer Kistos submitted in late May. The new deal represents reduced leverage in the combined company of c.£93mn ($112mn) relative to the
Also in this section
19 December 2024
Deepwater Development Conference welcomes Shell’s deepwater development manager to advisory board for March 2025 event
19 December 2024
The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector
18 December 2024
The energy transition will not succeed without a reliable baseload, but the world risks a shortfall unless more money goes into gas
18 December 2024
The December/January issue of Petroleum Economist is out now!
