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InterOil shareholders approve revised ExxonMobil takeover deal

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Linus Unah – Fourth Estate Contributor

Singapore (4E) – InterOil Corp. has announced that majority of its shareholders have ‘overwhelmingly’ approved the proposed transaction with Exxon Mobil Corp.

The shareholders approved the transaction for sale of the company to Exxon Mobil Corp at a special meeting this week.

More than 91 percent of the shareholders voted in favour of the proposed transaction, compared to the 80 percent that previously voted to approve the original transaction in September last year.

The first vote last September was on Exxon’s offer of $45 per share flat cash payment, as well as an additional $7.07 per share for each trillion cubic feet of gas certified in Elk-Antelope.

The court hearing in which InterOil is seeking a final order concerning this amended and restated plan of arrangement is currently scheduled for Monday next week.

InterOil InterOil Corporation is an independent oil and gas business with a sole focus on Papua New Guinea, according to its website.

With head offices in Singapore and Port Moresby, Papua New Guinea, InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licenses covering about 16, 000sqkm .

InterOil is listed on the New York and Port Moresby stock exchanges.

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