Shareholders back InterOil deal

Business

By SHIRLEY MAULUDU
INTEROIL says a majority of its shareholders have voted in favour of ExxonMobil’s transaction.
The company, in a market release, noted that there was an “overwhelming” support for the transaction through the shareholders’ votes.
At a special meeting yesterday in New York, InterOil’s shareholders overwhelmingly voted to approve the transaction with Exxon Mobil Corporation. Of the votes cast, more than 80 per cent were in favour.
InterOil board chairman Chris Finlayson said: “I would like to thank our shareholders for their overwhelming support for this value-creating transaction.
“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.” The transaction is expected to close by the end of this month.
InterOil noted that the company intends to seek a final order with respect to the plan of arrangement at a hearing in the Supreme Court of Yukon, scheduled for next Tuesday.
A spokesperson for ExxonMobil told The National yesterday: “InterOil’s shareholders have approved ExxonMobil’s offer to acquire InterOil.
“Change of control is expected to take place during the week of September 26, following receipt of the court approval.
“Approval is required by the Supreme Court of Yukon because InterOil is registered in the Yukon territory of Canada.”

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