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Endeavour Int'l walks away after Ithaca bid snub

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Ithaca Energy’s rejection of Endeavour International’s cash and shares bid worth around £190m has forced the North Sea focused oil group to withdraw its offer for the firm.

The proposed deal was at an indicative price of $3.25 per Ithaca share, 44% more than Ithaca's closing price on 18 June.

Endeavour said today it is no longer interested in pursuing its non-binding proposed offer after Ithaca said the bid undervalued the business and that it wanted to develop ongoing initiatives.

"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 chairman John Summers.

Endeavour chairman, CEO and president William L Transier called it “a missed opportunity”.

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