InterOil shareholders waved through ExxonMobil’s takeover at special vote yesterday.
A majority 80% voted in favour of the deal.
Chairman Chris Finlayson said: “I would like to thank our shareholders for their overwhelming support for this value-creating transaction.
“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 deal is expected to close at the end of this month.
The approval comes days after founder and ex-chief executive Phil Mulacek abandoned a two month campaign urging shareholders to reject the offer. ExxonMobil has agreed to pay between $2.5billion and $3.6billion depending on how much gas InterOil’s Elk-Antelope field has.
It equates to between $45 and $71.87 a share. Mulacek has a 5.35% state in the company – the third largest holding. However, he argued the final offer fell short of numbers discussed in previous negotiations.