UK oil and gas group Serica Energy has rejected a merger offer valuing it at £1.04bn from energy investment firm Kistos.
The proposal consisted of a cash-and-stock offer of 382 pence per share, representing a premium of 25% to Serica's last close.
"While Serica has stated that its board 'can see industrial logic in combining the portfolios of the two companies', the proposed combination has been rejected by the board of Serica," Kistos stated.
