InterOil subject to second takeover bid

Flaring at InterOil's Antelope-2 gas well.

Flaring at InterOil's Antelope-2 gas well.

InterOil has received a second unsolicited, conditional, non-binding proposal to acquire 100 per cent of its outstanding common shares.

Despite this, the InterOil Board of Directors continues to unanimously recommend the takeover bid from Oil Search to its shareholders.

The secondary bid is subject to a number of conditions including satisfactory completion of due diligence.

Consistent with its fiduciary responsibilities, the InterOil Board is carefully reviewing and considering the unsolicited proposal.

As announced on 20 May, InterOil entered into a binding agreement to be acquired by Oil Search.

On June 28, the Supreme Court of Yukon issued an interim order authorising the holding of a special meeting at which InterOil security holders will be asked to approve the Oil Search transaction.

The meeting is due to be held on 28 July.

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