Serica Energy in talks for all-share reverse takeover by EnQuest

LONDON - Serica Energy (LON:SQZ) PLC has confirmed it is currently in discussions with EnQuest PLC about a potential all-share reverse takeover, following recent media speculation. The proposed transaction aims to merge the two companies, potentially resulting in increased scale, diversification, and a platform for further growth.

While negotiations are ongoing, it is anticipated that the deal would involve an all-share offer by EnQuest for Serica, with Serica shareholders receiving a majority stake in the enlarged entity. The shares would be listed on the ESCC market of the London Stock Exchange (LON:LSEG). Additionally, a return of capital to Serica shareholders has been proposed, contingent upon the completion of the deal.

As of now, there is no guarantee that an offer will be made or on what terms. EnQuest has until 5.00 p.m. on April 4, 2025, to declare its intentions to make a firm offer or to withdraw, as per the City Code on Takeovers and Mergers. This deadline may be extended with the consent of the Panel, in line with the Code’s regulations.

EnQuest has reserved the right to vary the terms of the offer, including the possibility of alternative forms of consideration, subject to the approval of Serica’s board or in response to competing offers or significant transactions announced by Serica.

The announcement, made with EnQuest’s consent, was arranged by Serica’s CEO, Chris Cox. It is important to note that for the purposes of the Takeover Code, Serica is considered the offeree company. The terms of the potential transaction may be adjusted to reflect any dividends or distributions paid by Serica after the date of the announcement, excluding the expected return of capital.

The information provided is based on a press release statement from Serica Energy PLC.

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