Pharos falls as Serica holds firm and Ratio raises bid

Shares in Pharos Energy fell after Serica Energy said it would not raise its offer for the company, even as competing bidder Ratio put forward a higher proposal. The move leaves the contested situation without a clear resolution. Serica's decision to stand pat caps the price it is prepared to pay, while Ratio's improved terms shift the comparison in its favour on headline value. Pharos holds producing oil and gas interests in Egypt and Vietnam. The share price reaction suggests investors had been positioning for an escalating bidding contest.