Ithaca Energy Inc., an independent oil & gas company with exploration and development assets in the UK sector of the North Sea, announces that its Board of Directors has unanimously determined that the unsolicited non-binding proposal (the "Proposal") received from Endeavour International Corporation to acquire all of the issued and outstanding shares of Ithaca is not in the best interests of Ithaca shareholders.
After careful consideration, including of the report and recommendation of a Special Committee of Independent Directors and in consultation with its financial and legal advisors, the Board of Directors has concluded that the Proposal does not recognize the value of Ithaca's assets and prospects.
"Ithaca has a number of ongoing initiatives that will be concluded in the near term which we believe will provide greater value for Ithaca's shareholders" said John Summers, Chairman of Ithaca’s Board of Directors.
RBC Capital Markets and Tristone Capital acted as financial advisors to the Special Committee in its review of the Proposal.
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