Little love lost as Serica and Kistos walk away

Neither firm will pursue their offer for the other, but they may look elsewhere

North Sea producers Serica Energy and Kistos have both declined to make firm their proposed takeover bids of each other, with few signs that the negotiations have been particularly amicable. The firms will instead look at other potential M&A opportunities within their wider growth ambitions. “It has not been possible to reach agreement with Kistos on the terms or structure of a revised possible offer,” says Serica of its decision not to proceed with its July 483p/share cash and stock offer for Kistos that the latter rejected a week later. Kistos is also withdrawing its 425p/share bid for Serica, which it upped from an initial 382p/share, without either offer appealing to Serica’s managem