Reports indicated that Aberdeen-based and Canadian listed Ithaca Energy is mulling over the “unsolicited” and “non-binding” takeover offer from Endeavour International worth US $360 million including cash and shares.
Ithaca is said to be considering the Endeavour offer, “…In the context of Ithaca’s long-term strategic plan.”
Shares in Ithaca were reported to be up on the offer at a 52-week high of $4.20 per share after the Endeavour offer was made.
In a Toronto Stock Exchange statement responding to the offer, Ithaca confirmed it had been made, and said: “Ithaca advises that its board of directors will carefully review and evaluate the Non-Binding Proposed Offer consistent with its fiduciary duties and in consultation with its legal and financial advisers. The Board will consider the various terms, conditions and merits of the Non-Binding Proposed Offer in the context of Ithaca’s long term strategic plan with a view toward pursuing the course of action which best maximizes shareholder value.”
At the end of last month Ithaca announced it had entered an exclusive agreement with Bluewater Energy Services in The Netherlands to the Uisge Gorm FPSO for its UK Central North Sea Athena oil development. Athena is thought to contain around 30 m bbl of oil.