InterOil rejected USD 35 per share offer from Exxon earlier this year
Exxon [NYSE: XOM] is said to have offered USD 35 per share to buy InterOil [NYSE:IOC] earlier this year, The Australian reported. Accoridng to the report in the paper’s Dataroom, which did not cite sources, stated the Exxon bid was rejected by the company.
InterOil is now subject to an offer from Oil Search [ASX:OSH], which values the company at around USD 2.2bn. The report noted that the Oil Search offer represents a much higher implied value than Exxon’s bid and highlights the difficulties faced by InterOil in securing a high valuation.
The report noted that due to difficulties in valuing the business and high exploration costs it is not surprising that the majority of InterOil’s investors, excluding a number of dissenters led by former chief executive and founder, Phil Mulacek, have indicated support for the deal.
The Australian