InterOil receives unsolicited takeover bid

InterOil Corporation received an unsolicited proposal from an unnamed third party to acquire 100 percent of the company’s shares. 

InterOil’s board of directors, with its legal and financial advisors, is reviewing and considering the unsolicited proposal, the company said in a statement without revealing any further details.

Earlier in May, InterOil entered into a binding agreement to be acquired by Oil Search in a transaction valued at approximately US$2.2 billion.

Under the agreement, InterOil is allowed to engage in further discussions and negotiations with the third party, however, the company is still advising its shareholders to approve the Oil Search transaction.

It added that there is 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.

InterOil shareholders are scheduled to consider the Oil Search transaction in a special meeting on July 28.

If approved, the combination of the two PNG-focused companies would facilitate cooperation and/or integration of the Papua LNG project and the PNG LNG project.

LNG World News Staff