The board of North Sea focused company Ithaca Energy has unanimously backed a cash takeover bid from Israel’s Delek Group.
Ithaca revealed the offer valued the entire issued and to be issued share capital of the company at C$841 million (US$645.6 million), with Delek offering C$1.95 per share.
The offer represents a 12% premium to the C$1.95 per share closing price of Ithaca's shares on the Toronto Stock Exchange on Friday and a 16% premium to the company’s 30-day volume weighted average price on the Canadian bourse.
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