Sound familiar? I don't own any IAE, but seem interesting they would receive an offer under similar circumstances. I think this is quite rampant in the industry, lowball offers being made to pick up bargain purchases. RG didn't fall for it.
Ithaca receives non-binding takeover proposal
2012-01-23 03:20 ET - News Release
Mr. Iain McKendrick reports
ITHACA ENERGY INC. ANNOUNCES STATEMENT CONCERNING SHARE PRICE MOVEMENT
Ithaca Energy Inc. has noted the recent movement in the company's share price on the Toronto Stock Exchange and confirms that it has received a confidential, non-binding proposal to acquire all of the outstanding shares of the company. The proposal is conditional upon, among other things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the interested party and approval of the board of the company. The board of the company, which is being advised by CIBC World Markets Inc., wishes to stress that discussions are at a preliminary stage and there can be no certainty that the approach will lead to an offer being made for the company.
Shareholders of the company are not presently required or advised to take any action. The company does not intend commenting further on the approach unless a definitive agreement is reached or unless otherwise required by law or applicable regulation.
United Kingdom takeover code
The company's registered office is in Canada. The U.K. panel on takeovers and mergers has confirmed that the company is not subject to the U.K. City Code on Takeovers and Mergers and, accordingly, the company's shareholders will not be afforded any protection under the takeover code.
A copy of this announcement will be available on the company's website.
We seek Safe Harbor.