A $645 million takeover bid for North Sea-focused Ithaca Energy by Israel’s Delek Energy, just weeks before the operator’s key development project — Greater Stella — is due on stream, faces opposition from some shareholders.

The bid, by Ithaca’s largest shareholder, values the Canadian company at C$841 million (US$645.6 million), with Delek offering C$1.95 per share.

While the offer has the unanimous approval of the board, it has drawn criticism from Ithaca’s fourth largest shareholder, asset management group Cavendish Asset Management, which claims the deal would undervalue the company.