LONDON Ithaca (IAE.TO) investor Artemis Investment Management said Delek's (DLEKG.TA) $524 million offer for the stake in the North Sea oil producer it does not already own was "disappointing", the second large investor to voice concern about the deal.
"Our first reaction is it's a lowball offer," Mark Niznik, co-manager of the Artemis UK Smaller Companies Fund, told Reuters. The fund holds about 5 percent of Ithaca.
He said the offer failed to capture the potential of Ithaca's Greater Stellar field which is set to come on stream in the coming weeks.
Shareholder Cavendish Asset Management said earlier on Monday it would reject the deal.
(Reporting by Karolin Schaps; editing by David Clarke)