Ithaca Energy Inc (LON:IAE, CVE:IAE) told investors that the conditions of its cash takeover by Delek Group have now been satisfied.
The cash offer - priced at C$1.95 per share - has been accepted by 70.3% of the company’s shares (not including the shares already owned by Delek).
Payments will be made no later than April 25 to shareholders that accepted the offer ahead of the initial deposit period deadline, which was April 20.
Dekel will own 76% of the company once the tendered shares have been purchased and there will be a mandatory extension period, until May 3, to allow remaining shareholders to accept the offer and sell.
It was also confirmed that Dekel and Ithaca have signed a relationship agreement in order to handle corporate governance and regulatory requirements.