Kistos, a closed-ended investment company, terminated the $1.33bn acquisition of Serica Energy, a British-based independent upstream oil and gas company. "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. Accordingly, this announcement is being made by Kistos to urge Serica shareholders to encourage the Board of Serica to engage in constructive discussions with the Board of Kistos regarding the Proposed Combination," Kistos. On July 12, Serica Energy board rejected the offer. On July 25, Kistos increased its offer from $1.2bn to $1.33bn. On August 10, Kistos walks away from bid.