IAE – Ithaca Energy – bid falls through

IAE (Ithaca Energy) announces:

it has ceased discussions with all parties regarding the potential acquisition of all of the outstanding shares of the Company. As previously announced, the Company received, initially, a confidential, non-binding proposal to acquire all of the outstanding shares of the Company and, subsequently, a number of unsolicited approaches from third parties.

The news sent shares tumbling 26.4% at the time of writing.

As I learned from SportingBet, there’s many a slip twixt cup and lip, even when a potential takeover is announced.

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