CALGARY - Shares in oil junior Ithaca Energy Inc. (TSXV:IAE) fell nearly 13 per cent Tuesday, a day after the company's board said it rejected a takeover bid by Endeavour International Corp.

The company said it reviewed the US$360-million bid and "has concluded that the proposal does not recognize the value of Ithaca's assets and prospects."

Ithaca has exploration and development assets in the U.K. sector of the North Sea.

"Ithaca has a number of ongoing initiatives that will be concluded in the near term which we believe will provide greater value for Ithaca's shareholders," chairman John Summers said in a statement.

Endeavour is an international oil and gas exploration and production company with assets in the North Sea.

Ithaca stock fell 40 cents or 12.9 per cent to close at C$2.70 in trading on the Toronto Stock Exchange in a down day for energy shares generally as the price of oil fell.

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