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LONDON - Serica Energy PLC (LSE:LON:SQZ) acknowledged today that EnQuest PLC (LSE:ENQ) has decided against making a firm offer to acquire Serica. Following EnQuest’s announcement, the company is now subject to the limitations under Rule 2.8 of the City Code on Takeovers and Mergers.
Serica stated that despite the potential strategic and financial advantages of a merger, the current market volatility has made it challenging to agree on terms favorable to Serica’s shareholders. The company emphasized its confidence in its ability to continue generating substantial cash flow and delivering value to its shareholders independently.
The Board of Serica remains focused on sustainable operational improvements and is actively pursuing its growth strategy. This includes exploring organic growth prospects within its existing portfolio, as well as evaluating potential mergers and acquisitions that could enhance cash flow and add value. These opportunities are being considered in the UK North Sea and other locations, as outlined in the company’s full-year results for 2024.
The information in this article is based on a press release statement from Serica Energy PLC.
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