Ithaca Energy Inc. (TSXV: IAE) and Valiant Petroleum Plc (LSE: VPP) have reached agreement on the terms of a recommended acquisition under which Ithaca Energy Holdings (UK) Ltd. will acquire the entire issued and to be issued share capital of Valiant.

Under the terms of the acquisition, Valiant shareholders will be entitled to receive 307 pence in cash and 1.33 Ithaca consideration shares for each Valiant share held at the scheme record time.

Based on the closing price of an Ithaca share of C $1.97 (126 pence) on Feb. 28, ...