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News // Companies

Ithaca Energy takeover set to clear

21 April 2017 , 14:20Neftegaz.RU425

Delek will own 76% of the company once the tendered shares have been purchased, and remaining shareholders have more time to sell, the company reported on April 21, 2017.


Ithaca Energy told investors that the conditions of its of a cash takeover by Delek Group have now been satisfied.

Delek said it would pay about $350 million for 70.23 % of Ithaca's issued and outstanding common shares, not including the shares already owned by Delek or its affiliates.


Payments will be made no later than April 25 to shareholders that accepted the offer ahead of the initial deposit period deadline, which was April 20.


Delek will own 76% of the company once the tendered shares have been purchased and there will be a mandatory extension period, until May 3, to allow remaining shareholders to accept the offer and sell.


It was also confirmed that Delek and Ithaca have signed a relationship agreement in order to handle corporate governance and regulatory requirements.


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