Response to Statement by EnQuest plc
EnQuest confirms it will not make firm offer for Serica; deal talks end due to market volatility.
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Serica Energy Plc ('Serica') notes the announcement by EnQuest Plc ('EnQuest') confirming that EnQuest does not intend to make a firm offer for Serica. As a result of the announcement, EnQuest is bound by the restrictions contained in Rule 2.8 of the City Code on Takeovers and Mergers.
While there would have been strategic and financial benefits to the combination, in light of current market volitility an agreement on terms that would have been in the best interests of shareholders was not possible at this time.
The Board remains very confident in Serica's standalone ability to generate significant cash flow and deliver shareholder value and highly competitive shareholder returns from its balanced portfolio of oil and gas assets. Delivering sustainable operational improvement remains paramount. In parallel, the Company continues to pursue its clear growth strategy, as detailed in the 2024 full-year results, progressing numerous organic growth opportunities across the portfolio as well as actively screening a number of cash-generative and value accretive M&A opportunities in both the UK North Sea and other geographies.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.