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

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