Feb 6 Israel's Delek Group said it
had offered $524 million for the 80 percent of shares in
Canadian oil producer Ithaca Energy Inc it does not
already own in an agreed takeover bid.
North Sea producer Ithaca said its board had recommended the
Israeli conglomerate's cash offer of C$1.95 per share.
The offer, which represents a premium of about 12 percent to
Ithaca's closing price of C$1.74 on Friday, implies an
enterprise value of about $1.24 billion, Ithaca said.
Delek, with natural gas exploration and production
activities in the eastern Mediterranean, already owns 19.7
percent of Ithaca. The bid values the entire company at $646
(Reporting by Noor Zainab Hussain in Bengaluru and Tova Cohen
in Jerusalem; Editing by Adrian Croft)