Market Chatter: Ithaca Energy Sets Deadline For Bids
Oil and gas producer Ithaca Energy Inc (IAE.TO) said it remained in dialogue with interested parties and has set a bid deadline after a newspaper reported that Kuwait's national oil company was no longer in talks to buy the Canadian company, Reuters reported
Ithaca said earlier this year it had received a number of unsolicited offers to buy the company, and London's Sunday Times reported in March that Kuwait's national oil company was in advanced takeover talks with Ithaca.
On Sunday, however, a Kuwaiti daily reported that the Kuwait Foreign Petroleum Exploration, the international arm of the Middle Eastern state's oil operation, has walked away from takeover talks.
North Sea-focused Ithaca expects to provide more details in four weeks.
"The company is aware of recent press and media speculation concerning the status of these discussions and confirms that it remains in dialogue with bona fide parties," Ithaca said in a statement on Monday.
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