March 1 (Reuters) - North Sea-focused Ithaca Energy Inc said it would acquire Valiant Petroleum Plc for 203 million pounds ($308.15 million) in cash andshares.
Valiant shareholders will get 307 pence in cash and 1.33Ithaca share for each Valiant share.
The offer represents a premium of 37 percent to Valiant'sThursday close on the London Stock Exchange.
British oil and gas company Valiant Petroleum, which has hada dismal exploration performance in 2012, said in September itwas considering selling itself.