InterOil Corp. announced that at a Special Meeting, its shareholders overwhelmingly voted to approve the transaction with Exxon Mobil Corp.
More than 80% of the votes were in favour of the proposed transaction.
"I would like to thank our shareholders for their overwhelming support for this value-creating transaction," said InterOil Chairman Chris 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.”
The transaction is expected to close by the end of September 2016. InterOil plans to seek a final order at a hearing in the Supreme Court of Yukon, on 27 September 2016.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22092016/interoil-shareholders-overwhelmingly-approve-exxonmobil-transaction-28452/