Bloomberg: Exxon Foe Says Bigger InterOil Offer Still Isn’t Good Enough – 21 December, 2016

Dan Murtaugh

Exxon Mobil Corp.’s offer to raise its bid for InterOil Corp. to as high as $3.9 billion isn’t enough to pacify the deal’s most prominent opponent. InterOil founder Phil Mulacek, who left in in 2013 and remains the third-largest shareholder, said Exxon still isn’t offering shareholders full value for InterOil’s hydrocarbon reserves in Papua New Guinea. Exxon last week increased the amount of gas reserves for which it would pay a bonus to shareholders, essentially boosting its maximum offer by 9.8 percent. Mulacek’s opposition complicates what would be Exxon’s largest acquisition since 2010 and the Irving, Texas-based company’s plans to assimilate InterOil’s gas reserves into its existing...

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