LONDON Feb 6 Ithaca investor Artemis
Investment Management said Delek's $524 million offer
for the stake in the North Sea oil producer it does not already
own was "disappointing", the second large investor to voice
concern about the deal.
"Our first reaction is it's a lowball offer," Mark Niznik,
co-manager of the Artemis UK Smaller Companies Fund, told
Reuters. The fund holds about 5 percent of Ithaca.
He said the offer failed to capture the potential of
Ithaca's Greater Stellar field which is set to come on stream in
the coming weeks.
Shareholder Cavendish Asset Management said earlier on
Monday it would reject the deal.
(Reporting by Karolin Schaps; editing by David Clarke)