Ithaca: All set for Delek takeover

Ithaca Energy, a North Sea oil and gas operator, is ready to get taken over by the Israeli oil and gas company Delek.

Ithaca on Friday said that all the conditions of the previously announced cash takeover offer for the shares not already owned by Delek had been satisfied.

According to Ithaca, the offer of C$1.95 per share has been accepted by holders of approximately 70.3% of the issued and outstanding common shares, not including the common shares already owned by Delek or any of its affiliates prior to announcement of the offer.

Payment for those shares tendered to the offer by the initial deposit period deadline of 20 April 2017 will be made to Computershare Trust Company of Canada (“Computershare”), as the depositary for the offer, by no later than 25 April 2017, following which the funds will be transferred to shareholders by Computershare.

For those shareholders who tendered via brokers or financial intermediaries, payment for their tendered shares will be made via such institutions, Ithaca said.

Following the take up and payment for the tendered shares, DKL Investments Limited, a wholly owned affiliate of Delek, will own and control 323,158,890 common shares, representing approximately 76% of the issued and outstanding shares of the Company.

As required by securities laws, Ithaca added, the offer is being extended for a mandatory extension period until 17.00 (Toronto time) on May 3, 2017 to provide shareholders who have not yet tendered their common shares to the Offer an opportunity to do so.

Accordingly, Ithaca added, the offeror has today mailed to Ithaca shareholders the notice of extension. Shareholders who have already validly deposited their common shares do not need to take any further action to accept the Offer.

The offeror will take up and pay the depositary for common shares validly deposited to the offer during the mandatory extension period within 10 calendar days after any such deposit.

As previously reported, Ithaca’s board has unanimously recommended the offer and values the entire issued and to be issued share capital of the company at C$841 million ($646 million). The offer implies a total enterprise value of approximately US$1.24 billion.

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