InterOil Shareholders have overwhelmingly voted in favour of a bid put forward by ExxonMobil to acquire InterOil.
Following a special meeting to consider the transaction proposal put forward by ExxonMobil, InterOil Chairman, Chris Finlayson, announced the result of the vote, with eighty percent of shareholder agreeing to the ExxonMobil bid.
According to Finlayson, “This transaction delivers shareholders a material and immediate premium, a potential direct cash payment based on the Elk-Antelope resource certification and exposure to future value through ownership of ExxonMobil shares. We look forward to continuing to work with ExxonMobil to satisfy the last required conditions and to completing the transaction promptly.”
This transaction proposal is valued at US$2.5 Billion, equivalent to around K7.5 Billion.
Both companies anticipate this transaction to be completed by Q2 of 2017.
