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Can Mozambique Avoid The ‘Resource Curse’?

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Ithaca Energy Shareholders Approve Takeover By Israel’s Delek

Offshore

North Sea oil and gas operator Ithaca Energy said on Friday that the conditions of the cash takeover offer by Israel’s Delek Group have been satisfied and shareholders of Ithaca have accepted the offer, which values the shares of the takeover target at $646 million.

Ithaca Energy, currently listed in Toronto and London, said that holders of some 70.3 percent of its 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 – have accepted the $1.448 (C$1.95) per share cash takeover offer.

In February, Ithaca’s board of directors unanimously recommended that the offer be accepted. Delek’s offer values the entire issued and to be issued share capital of Ithaca at $646 million (C$841 million), the company said back then. At the time of the offer, Delek held 19.7 percent in Ithaca via its affiliate DKL Investments Ltd.

Following the take up and payment for the tendered shares, DKL Investments will own and control 323,158,890 common shares, representing around 76 percent of the issued and outstanding shares of Ithaca, the latter said today.

Delek, for its part, said on Friday that the total amount of consideration that it will pay for the shares deposited for the offer to date is around US$350 million (C$470.5 million).

Related: Oil Prices Fall Further As U.S. Rig Count Inches Higher

After taking control of Ithaca, Delek Group will begin consolidating its financial statements and recognize the difference between the fair value and book value of Ithaca shares in the income statement.

As per applicable law, the period of the offer has been extended until 5:00PM Toronto time on May 3, 2017. During this period, shareholders who have not yet deposited their shares can do so, Delek said.

“The success of our tender offer is a significant step in the realization of Delek Group’s strategy, as we increasingly evolve into an international energy company,” Delek Group President and CEO Asaf Bartfeld said.

By Tsvetana Paraskova for Oilprice.com

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