Prior to the special meeting scheduled for September 21, 2016, InterOil Corporation urged its shareholders to vote in favor of the ExxonMobil transaction.
To remind, ExxonMobil agreed to acquire InterOil Corporation in a transaction worth more than US$2.5 billion, following the withdrawal of Total-backed Oil Search offer.
Under the terms of the agreement with ExxonMobil, InterOil shareholders will receive a payment of $45.00 per share of InterOil, paid in ExxonMobil shares, at closing and a Contingent Resource Payment (CRP), which will be an additional cash payment of $7.07 per share for each trillion cubic feet equivalent gross resource certification of the Elk-Antelope field above 6.2 tcfe, up to a maximum of 10 tcfe.
In a letter to its shareholders, InterOil stressed the benefits of the transaction calling for the shareholders to vote in favor.
The board of InterOil, with its advisors, determined the ExxonMobil offer to be superior to the one made by Oil Search, and prior to entering into the agreement with ExxonMobil it has terminated its arrangement with Oil Search.