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UK: Ithaca Energy announces Delek takeover conditions satisfied
21 Apr 2017
Ithaca Energy has announced that the conditions of the cash takeover offer for all the common shares of the Company not owned by Delek Group or any of its affiliates for C$1.95 per share have been satisfied and the Offer has been accepted by holders of approx. 70.3% of the issued and outstanding common shares, not including the common shares already owned by Delek or any of its affiliates prior to announcement of the Offer.
Payment for those shares tendered to the Offer by the initial deposit period deadline of 20 April 2017 will be made to Computershare Trust Company of Canada, as the depositary for the Offer, by no later than 25 April 2017, following which the funds will be transferred to shareholders by Computershare. For those shareholders who tendered via brokers or financial intermediaries, payment for their tendered shares will be made via such institutions.
Following the take up and payment for the tendered shares, DKL Investments (the 'Offeror'), a wholly owned affiliate of Delek, will own and control 323,158,890 common shares, representing approx. 76% of the issued and outstanding shares of the Company.
Source: Ithaca Energy