Serica Energy ( OTCPK:SQZZF ) on Monday rejected a revised takeover proposal valuing it at nearly £1.2B ($1.44B) from energy investment firm Kistos.
Kistos disclosed details of the offer, which comprised a cash-and-stock offer of 425 pence/share, representing a 19% premium to the U.K. oil and gas company's last closing price in London.
Kistos made public on July 12 an offer of 382 pence/share for Serica, which was rejected by the company.
Serica ( OTCPK:SQZZF ) had approached Kistos on July 1 with a cash-and-stock offer of 483 pence per Kistos share, which was rejected by the investment company's board.
Serica ( OTCPK:SQZZF ) recently reported full-year GAAP EPS of £0.28/share on revenues of £514M .
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Serica Energy rejects Kistos' increased takeover offer