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Investing.com -- Serica Energy (LON:SQZ), a British oil and gas company, has revealed it is in discussions with EnQuest regarding a potential all-share offer for Serica. According to the London Stock Exchange (LON:LSEG) rules, this deal would be classified as a reverse takeover.
Serica shares rose 4.2% on the news.
The talks about the possible takeover are ongoing, and Serica has stated that any such deal would involve a return of capital to its existing shareholders. If the merger is completed, Serica shareholders would own the majority of shares in the expanded company.
Despite the ongoing discussions, Serica has warned that there is no guarantee that a deal will be finalized. If the two companies do merge, the resultant group would be valued at approximately £673.9 million ($868.1 million), based on their closing share prices last Thursday.
According to U.K. takeover panel rules, EnQuest has until April 4 to either formalize an offer to purchase Serica or to withdraw from the negotiations.
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