AMD Unveils Helios AI Servers to Challenge Nvidia as OpenAI Adopts New Platform 
Zabka Shares Drop 10% as Seven & i Abandons Investment Plans 
AstraZeneca Q2 Earnings Beat Forecasts as Oncology Growth Supports 2026 Outlook 
Elon Musk Fuels SpaceX-Tesla Merger Speculation After Earnings Call 
Uber Stock Falls as Waymo Plans to End Robotaxi Partnership by 2028 
Volkswagen Cuts 2026 Revenue Outlook as China Weakness, Trade Risks Weigh 
CXMT IPO Debut in Shanghai Puts $85.5 Billion Chipmaker in Spotlight 
Shein Reports $99 Million Loss Ahead of Hong Kong IPO as U.S. Tariffs Hit Sales 
Intel Stock Slips After Earnings Rally Despite Strong AI-Driven Revenue Growth 
Tech Stock Positioning Nears Neutral as Investor Rotation Enters Final Phase, Deutsche Bank Says 
Galp Shares Fall After Q2 EBITDA Miss Despite Profit Beat and Higher Dividend 
Brown-Forman Rejects Sazerac’s $15 Billion Takeover Bid as Family Backs Independence 
Paramount-Warner Bros. Merger Delayed Until 2027 Amid Antitrust Lawsuit 
CATL Shares Jump as $5.6 Billion Buyback Signals Confidence in Long-Term Growth 
Alphabet Q2 Earnings Beat Estimates as AI Spending, Google Cloud Growth Fuel Outlook 
Amkor Stock Surges 17% After $1.5 Billion Nvidia AI Packaging Partnership 
Domino’s Weighs Appeal After Australian Court Rules Workers Were Misled on Pay 
Pharos Energy (LON: PHARP) shares jumped as much as 33.9% on Monday, reaching their highest level of 2026 after Serica Energy agreed to acquire the oil and gas producer in a cash deal valued at approximately £145.7 million. The offer surpassed a competing bid from Ratio, prompting investors to drive Pharos shares sharply higher. Meanwhile, Serica Energy shares fell as much as 5.8% as markets weighed the cost of the acquisition.
Before Monday's rally, Pharos stock had gained roughly 23% year-to-date, while Serica shares were up around 44%. Under the agreed terms, Serica will acquire all issued and to-be-issued ordinary shares of Pharos through a court-approved scheme of arrangement under Part 26 of the Companies Act 2006.
The Pharos board unanimously withdrew its recommendation for Ratio's proposal and now intends to recommend Serica's offer to shareholders. The company also postponed shareholder meetings related to the Ratio bid, originally scheduled for August 17, and advised investors not to take any action regarding the competing offer.
Pharos shareholders will receive 28.6683 pence in cash for each share, along with a 4 pence special dividend funded from the company's existing cash reserves. The combined value totals 32.6683 pence per share. Investors will also retain the previously declared final dividend of 0.9317 pence per share for the 2025 financial year, which was paid on July 17, 2026, bringing the total value received to approximately 33.6 pence per share.
The offer represents a 20.7% premium over the equivalent value of Ratio's proposal and a 28.6% premium to Pharos' closing share price on June 23, 2026, the last trading day before Ratio announced its bid. Including the final dividend, the total value offered is 20% higher than Ratio's overall 28 pence-per-share proposal.
Serica has already secured an irrevocable commitment from Aberforth Partners LLP to support the transaction with its 59.36 million Pharos shares, representing approximately 14.26% of the company.
The acquisition remains subject to regulatory approvals in Vietnam and Egypt, along with other customary conditions, and is expected to be completed during the first half of 2027.
