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Overwhelming approval for InterOil takeover

Staff Reporter | 4:51 AM | |
InterOil shareholders have overwhelmingly approved the transaction for Exxon Mobil to take over InterOil.

In a statement yesterday, more than 91 per cent of  votes were cast in favor of the proposed transaction yesterday in New York City in the United States.

Previously 80 per cent of shareholders voted to approve the original transaction  at a Special Meeting on September 21, 2016.

A court hearing in which InterOil is seeking a final order with respect to the Amended and Restated Plan of Arrangement is currently scheduled for February 20th 2017.

Following the initial approval for the takeover last year, the Yukon Court of Appeal in Canada, upheld an appeal by InterOil founder, Phil Mulacek, against the original takeover offer last November.

Exxon Mobil amended deal, lifting the maximum price payable for InterOil by about 10 per cent to US$78.94 (K236) per share.

The offer was structured as a US$45 (K135) per share flat cash payment, plus an extra US$7.07 (K21) per share for each trillion cubic feet (tcf) of gas certified as being held in Elk-Antelope.

A court hearing to approve the revised deal, worth more than K6 billion (US$2.2 billion) is scheduled for 20 February. LoopPNG