Pharos Energy adjourns shareholder meetings over improved Ratio bid

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Pharos Energy PLC on Monday pushed its court and general meetings to August 28 to allow shareholders more time to consider the improved acquisition offer from Ratio Petroleum Energy LP.

The court and general meetings will take place on August 28.

Ratio's improved offer remains unchanged at 28.82 pence per Pharos share, and 4.0p per share through a special dividend, as reported on August 13.

This offer values Pharos, a London-based energy company with assets in Vietnam and Egypt, at 32.82p per share or £146.4 million. Pharos' directors continue to unanimously recommend the Ratio deal.

A competing bid from Serica Energy PLC was rejected after Tel Aviv-based Ratio improved its initial offer of 28p per share, around £124.3 million.

Pharos shares were flat at 30.10 pence in London on Monday afternoon.

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