Ithaca Energy Inc (IAE.L)
21 Feb 2017
TEL AVIV/LONDON Israel's Delek Group has agreed to buy Ithaca Energy Inc in a deal valuing the North Sea oil producer's equity at $646 million and building on Delek's expansion in the North Sea ahead of a planned London listing.
* Israel's Delek prepares London listing (Adds second shareholder, financial advisers, updates shares)
LONDON Ithaca investor Artemis Investment Management said Delek's $524 million offer for the stake in the North Sea oil producer it does not already own was "disappointing", the second large investor to voice concern about the deal.
LONDON, Feb 6 Ithaca investor Cavendish Asset Management said it "strongly urges" shareholders in the North Sea oil producer to reject a $524 million offer from Delek Group to buy 80 percent of Ithaca's equity it does not already own.
Feb 6 Israel's Delek Group said it had offered $524 million for the 80 percent of shares in Canadian oil producer Ithaca Energy Inc it does not already own in an agreed takeover bid.
* Ithaca Energy - Entered into definitive agreement with Delek group of cash takeover bid for all common shares of Ithaca not currently owned by Delek for C$1.95 per share
* 2017 production anticipated to be in range of 19,000 to 22,000 boepd
* Says average production for first nine months of 2016 9,550 boepd, ahead of 9,000 boepd guidance
* Average production during quarter was approximately 9,900 boepd