InterOil (IOC) Shareholders Vote to Approve ExxonMobil (XOM) Transaction

September 21, 2016 1:08 PM EDT

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InterOil Corporation (NYSE: IOC) today announced that at a Special Meeting held today, its shareholders overwhelmingly voted to approve the transaction with Exxon Mobil Corporation (NYSE: XOM). Of the votes cast at the Special Meeting, more than 80 percent were in favor 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 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.

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