Pinsent Masons advises Ithaca Energy on proposed takeover by Delek
06 Feb 2017 | 01:49 pm |
International law firm Pinsent Masons has advised North Sea-focused oil and gas operator Ithaca Energy Inc on a takeover bid valuing the business at US$1.24bn.
Under the proposed deal Israeli-listed Delek Group will increase its 19% shareholding with a cash takeover offer. Delek proposes to buy Ithaca for 120p per share. The offer values Ithaca’s equity at US$646m and gives the company an enterprise value of US$1.24bn. It has been unanimously recommended by Ithaca’s Board. Ithaca is dual-listed on the Toronto and London Stock Exchanges, and is headquartered in Aberdeen.
The Pinsent Masons team was led by Head of Corporate Finance Rosalie Chadwick with assistance from Brian Thumath and Nick McManus. Last year Chadwick advised Total on the disposal of £585m of North Sea assets.
Rosalie Chadwick says:
“We have a relationship with Ithaca dating back a number of years and are delighted to be involved in this next major milestone for the business. It caps of a busy start to the year which has seen a renewed level of interest in North Sea assets as prices have stabilised and expectations adjusted.”
Brad Hurtubise, Ithaca chairman, says:
“We are very pleased to announce the offer, which provides an attractive opportunity for all shareholders to secure a premium cash value for their investment following a sustained period of share price growth and at a favourable point in the company’s evolution.”
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