(Refiles to add dropped words Delek Group, paragraph 1)
LONDON Feb 6 Ithaca investor Cavendish
Asset Management said it "strongly urges" shareholders in the
North Sea oil producer to reject a $524 million offer from Delek
Group to buy 80 percent of Ithaca's equity it does
not already own.
"I anticipate lots of potential deals in the future...This
acquisition would be relatively cheap, and Delek Group will see
good payback in a short space of time," said Paul Mumford, fund
manager at Cavendish Asset Management, which has over 13 million
shares in Ithaca, or about a 3 percent stake.
Delek on Monday offered to pay a 12 percent premium over
Ithaca's Friday closing price, implying an enterprise value of
(Reporting by Karolin Schaps; editing by Jason Neely)