UK: Ithaca Energy in Discussions for Potential Takeover

Oil and gas firm Ithaca Energy has said that it has attracted the attention of several parties interested in a takeover of the company, including several unsolicited third-party inquiries and one confidential non-binding proposal.

Discussion has begun on the non-binding proposal; however, Ithaca says that any such talks are in a preliminary stage and do not mean that any bid from that company will be successful or that an offer would be made.

The company said that it would discuss a potential takeover with any interested company in the best interests of Ithaca's shareholders, including the unsolicited interested third parties.

"The company has received unsolicited interest from a number of third parties," a statement from Ithaca said today. "The Board of Ithaca believes that it  is in shareholders best interests that the company enters into discussions with all bona fide interested parties with a  view to maximising shareholder value."

Any such sale would be bound by Canadian rules and regulations for takeovers, the company said, rather than the UK City Code on Takeovers and Mergers, given that the company's registered office is located in Canada.

Ithaca has a huge interest in the UK offshore gas and oil market, including the Athena prospect, the Cook prospect, the Anglia field and the Carna field, all in the UK North Sea.

The company says it will not provide any more updates unless an offer is made.