InterOil Seeks New Path to Exxon Deal After Yukon Approval Overturned
November 04 2016 - 5:20PM
Dow Jones News
InterOil Corp. on Friday said a Yukon appeals court overturned
approval for its tie-up with Exxon Mobil Corp. but said it will
find a new path to closing the deal.
Shares of InterOil dropped 5.8% to $45.75 in Friday trading.
Exxon shares slipped 0.1% to $83.57.
The Court of Appeal of Yukon upheld the appeal lodged by Phil
Mulacek and overturned the Supreme Court of Yukon's approval of the
pending transaction with Exxon on Oct. 7. InterOil said it believes
the current agreement "represents compelling value for all InterOil
shareholders" and InterOil and ExxonMobil are considering the
ruling and determining a different path.
Exxon Mobil won a bidding war to buy U.S.-listed InterOil for an
estimated $2.5 billion after Oil Search Ltd. dropped out of the
process in late July.
The boards of Exxon and InterOil unanimously approved terms of
the $45-a-share agreement that has the potential for an additional
cash payment. At the time, the deal was expected to close in
September, subject to shareholder and regulatory review.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
November 04, 2016 17:05 ET (21:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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