InterOil Corp. has received from a third party an unsolicited, conditional, non-binding proposal to acquire 100% of the outstanding common shares of InterOil. The non-binding proposal is subject to a number of conditions, including satisfactory completion of due diligence.
Consistent with its fiduciary responsibilities, the InterOil Board of Directors is reviewing and considering the unsolicited proposal.
The InterOil Board of Directors has taken the necessary steps under InterOil’s existing agreement with Oil Search Ltd to permit InterOil to engage in further discussions and negotiations with the third party. There can be no assurance that any transaction will result from the unsolicited proposal or that the third party will ultimately enter into a definitive agreement to acquire InterOil.
The InterOil Board of Directors continues to unanimously recommend the Oil Search transaction to its shareholders.
The Special Meeting of InterOil shareholders to consider the Oil Search transaction is scheduled for 28 July 2016.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/04072016/interoil-receives-acquisition-proposal-696/