Serica’s takeover bid for Pharos has been surpassed as rival suitor Ratio offered a 0.5% increase on the price offered by the North Sea player. Ratio has now valued Pharos at £146.4 million, offering up 28 pence per share in the operator with assets in Vietnam and Egypt. The board of directors at Pharos have said they “consider the terms of the Increased Ratio Offer to be fair and reasonable”. “At least under the Serica offer, Pharos shareholders won’t have to worry about getting paid,” Kelty added. As well as reporting on the UK energy sector with a focus on skills and a just transition for the workforce, he also oversees the Energy Voice print edition and co-hosts the Out Loud by Energy Voice podcast.