InterOil shareholders vote in favor of ExxonMobil deal

InterOil Corporation on Thursday informed that its shareholders voted to approve the transaction with ExxonMobil Corporation, with 80 percent of the cast votes at the special meeting in favor of the US$2.5 billion transaction.

The transaction is expected to close by the end of September 2016, InterOil’s statement reads.

Additionally, the company intends to seek a final order with respect to the plan of arrangement at a hearing in the Supreme Court of Yukon, which is scheduled for September 27, 2016.

To remind, 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.