Ithaca Energy to buy Valiant Petroleum for 203 mln stg

Fri Mar 1, 2013 2:25am EST
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March 1 (Reuters) - North Sea-focused Ithaca Energy Inc said it would acquire Valiant Petroleum Plc for 203 million pounds ($308.15 million) in cash and shares.

Valiant shareholders will get 307 pence in cash and 1.33 Ithaca share for each Valiant share.

The offer represents a premium of 37 percent to Valiant's Thursday close on the London Stock Exchange.

British oil and gas company Valiant Petroleum, which has had a dismal exploration performance in 2012, said in September it was considering selling itself.