Kistos plc (AIM:KIST) made an offer to acquire Serica Energy plc (AIM:SQZ) for £1 billion on July 12, 2022. Kistos will pay 0.2932 new Kistos shares and cash of £2.46 per share. The offer has been rejected by the Board of Serica Energy on July 12, 2022. The Board of Serica Energy plc confirms that it received a revised non-binding proposal from Kistos on July 22, 2022 regarding a possible cash and share offer for the entire issued and to be issued share capital of Serica (the "Kistos Revised Possible Offer").The Kistos Revised Possible Offer comprises of 0.4000 new Kistos shares per Serica share; plus cash of £2.13 pence per Serica share, consisting of: capital distribution of £0.67 pence per Serica share; and,cash consideration of £1.46 pence per Serica share. The Board of Serica rejected the Revised Combination Terms, with no rationale given nor engagement with the Board of Kistos .Serica's management had concluded that the new offer ‘significantly' undervalued the company and was ‘opportunistic'. As a result, it advised shareholders to take no action in regards to the new offer.

James McEwen and Murray Yuill of N M Rothschild & Sons Limited and Richard Crichton, Ross Allister and Michael Nicholson of Peel Hunt LLP acted as financial advisor to Serica Energy. Julian Mylchreest, Geoff Iles, TomMilner and Ben Winstanley of Merrill Lynch International and Richard Morecombe, John Prior and James Sinclair-Ford of Panmure Gordon (UK) Limited acted as financial advisor and Orrick, Herrington & Sutcliffe (Uk) Llp acted as legal advisor to Kistos.