Delek increases Ithaca stake to 94.2 percent

Israeli energy group Delek has increased its holding in Ithaca Energy, a UK focused oil and gas company.

Ithaca said on Thursday that the share tendering process had been completed for the cash takeover offer made by Delek Group Ltd. for all the common shares of the Ithaca not already owned by Delek  for C$1.95 per share.

Following payment for the common shares tendered during the mandatory extension period for the Offer that expired on 3 May 2017, Delek will own 94.2% of the issued and outstanding common shares of the Company via its affiliate DKL Investments Limited.

Asaf Bartfeld, President & CEO, Delek Group: “Delek Group is implementing the strategy it set itself and today has become an international energy group. Ithaca’s enormous potential and its operational capabilities in drilling, particularly in deep waters, enhance Delek Group’s capabilities and firmly establishes the Group’s operational arm. We will continue to work with Ithaca’s highly professional management team, which has led it to success with its oil and gas assets.”

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 $1.24 billion

Offshore Energy Today Staff