Ithaca makes Valiant move

摘要

Ithaca Energy is set to make an agreed offer for the takeover of Valiant Petroleum. Under the proposed deal, Ithaca plans to buy the entire share capital of Valiant. Under the terms of the acquisition, Valiant shareholders will be entitled to receive ￡3.07 (US $4.66) in cash and 1.33 Ithaca consideration shares for each Valiant share. "Based on the closing price of an Ithaca share of ￡1.26 ($1.91) on 28 February 2013, the acquisition values the entire issued and to be issued share capital of Valiant at approximately ￡203m (equivalent to approximately US $309m) and each Valiant Share at around ￡4.75 ($7.21)," said Ithaca. "The Valiant board, which has been so advised by Morgan Stanley & Co, considers the terms of the acquisition to be fair and reasonable," said Valiant, adding that it will recommend the deal to Valiant shareholders.