SHARES in UK-listed operator Serica Energy climbed this week after the board rejected an improved merger offer from investment firm Kistos valued at about ￡1.2 billion (US$1.45 billion). Serica's stock hit 377 pence after the rebuttal announced on Monday of Kistos' higher offer, after closing last Friday at 354 pence per share. The pair have been in talks since May on a potential combination. North Sea-focused Serica, which produces about 5% of the UK's gas supplies, slapped down Kistos' first offer, valued at about ￡1 billion. It subsequently made its own offer for Kistos, which was also rejected.
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