Ithaca in Takeover Talks (UK)
Ithaca Energy, a North Sea focused oil and gas exploration, development and production company, announced on March 1, 2012, that it had received unsolicited interest from a number of third parties.
The company, with offices in Canada and UK, also advised that the Board of Ithaca concluded that it was in shareholders’ best interests that the Company enter into discussions with all such bona fide parties.
The company said it was aware of recent press and media speculation concerning the status of these discussions and confirms that it remains in dialogue with bona fide parties.
During the discussion period the Company has confirmed all parties’ financial and deal execution capability. A timetable for the submission of final bids has been set. Ithaca further said it expected to provide a further update on the matter within the next four weeks.
“The Board stresses that although discussions with parties continue, there can be no certainty of an offer being made for the Company,” Ithaca’s press release read.
Offshore Energy Today Staff, May 7, 2012