Reuters: Regulatory News: UPDATE 1-Ithaca Energy to buy Valiant Petroleum for 203 mln stg

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UPDATE 1-Ithaca Energy to buy Valiant Petroleum for 203 mln stg Mar 1st 2013, 08:11 Fri Mar 1, 2013 3:11am EST March 1 (Reuters) - Ithaca Energy Inc said it would acquire Valiant Petroleum Plc for 203 million pounds ($308.15 million) in cash and stock, in a deal that would allow the North Sea-focused company to double its production forecast for the year. 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. Valiant shares rose 35 percent to 469.25 pence on Friday morning. The acquisition of Valiant Petroleum, which has assets in the United Kingdom and Norway, will more than double Ithaca's 2013 production forecast to 14,000 to 16,000 barrels of oil equivalent per day. Valiant Petroleum put itself on the block in September. Ithaca, which itself received a number of offers, said in May it had ended talks with all parties, citing softening Brent crude prices. Ithaca's shares were down 4 percent at 122.7 pence in early trading on the London Stock Exchange.

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