Serica Energy Snubs Revised £1.2B Orrick-Advised Kistos Bid

By Najiyya Budaly (July 25, 2022, 4:04 PM BST) -- Serica Energy said Tuesday that it has rejected a revised £1.2 billion ($1.45 billion) bid from investment firm Kistos, making it clear that the offer undervalues the British oil and gas company.

Kistos PLC, which invests in energy companies, said that it is making an updated cash and share offer for Serica. Under the terms of the proposed bid, Serica shareholders would receive 0.4 new Kistos shares and 213 pence in cash per Serica share that they own.

Orrick Herrington & Sutcliffe (UK) LLP is legal adviser to Kistos. Counsel information for Serica was not immediately available.

Kistos, which is listed on...

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