"I anticipate lots of potential deals in the future - Ithaca's shares have been as high as 140p a share in the past and with a further rise in oil price it could go even higher, meaning this acquisition would be relatively cheap, and Delek Group will see good payback in a short space of time".
Delek Group controls just less than 20 percent of Ithaca already and offered $524 million for the remaining stake.
Delek is already a substantial shareholder in the business with a 19.7% stake in Ithaca.
Ithaca shares advanced around 10.5% to trade at 119p each after the cash offer from Delek was pitched at 120p per share.
The price, equivalent to about £1.20 per share, is a 12 per cent premium to Ithaca's closing price on Friday and values Ithaca at $646 million. The company in a statement said it would "crystallize" the value of their holdings.
"Although this valuation multiple reflects the value of fields for which capex has substantially been paid, it still represents a high/full valuation", WH Ireland analyst Brendan Long said in a note. The fund holds about 5 percent of Ithaca.
"We are very pleased to announce the offer, which provides an attractive opportunity for all shareholders to secure a premium cash value for their investment following a sustained period of share price growth and at a favorable point in the company's evolution", he said.
Delek's CEO and President Asaf Bartfeld said: "Today, we are taking another significant step which, if successful, will firmly establish Delek Group as a global exploration and production company, with worldwide oil and gas assets and strong operational capabilities".