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LONDON - EnQuest PLC, an oil and gas production and development company, has announced it will not proceed with its previously contemplated all-share offer for rival Serica Energy (LON:SQZ) PLC. The decision, disclosed today, comes as a result of current market volatility, which has made it challenging for the two companies to agree on terms.
The announcement follows a series of discussions between EnQuest and Serica regarding a potential combination, which had been made public earlier. However, the fluctuating market conditions have led to a stalemate, with EnQuest officially confirming its withdrawal from the process.
This development is in accordance with Rule 2.8 of the City Code on Takeovers and Mergers, which governs the conduct of takeovers in the UK. As a consequence of this announcement, EnQuest and any parties acting in concert with it are now subject to certain restrictions under the same rule, preventing them from announcing another offer for Serica for a specified period.
However, the statement from EnQuest also notes that there are specific circumstances under which these restrictions could be lifted. These include obtaining consent from Serica’s Board of Directors, the emergence of a third-party offer for Serica, a reverse takeover, or a material change in circumstances as determined by the Panel on Takeovers and Mergers.
The announcement is a clear indication of the impact market volatility can have on strategic initiatives within the energy sector, particularly in the context of potential mergers and acquisitions. The information is based on a press release statement and provides an update on the status of the negotiations between EnQuest and Serica, which are now concluded without an agreement.
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