By Nicholas Earl The possibility of a proposed merger between Kistos and Serica Energy (Serica) appears to have ended, with neither party able to launch a convincing takeover offer of the other company. Kistos has confirmed it “will not make a firm offer Serica,” bringing an end to a series of bids between both parties since May. It has criticised the North Sea oil and gas operator’s board for failing to “engage meaningfully” with its takeover bids and Serica’s own offer for Kistos. The company argued this was especially disappointing, as it believed both boards understood the “industrial logi…