InterOil Corporation (NYSE: IOC, POMSox: IOC) has announced that, after the close of business on 7 October, 2016, the Supreme Court of Yukon approved the pending transaction (the transaction) with Exxon Mobil Corporation (NYSE: XOM), including finding that the transaction is fair and reasonable. The decision of the Supreme Court of Yukon followed a contested hearing held on 27 September, 2016.
Phil Mulacek, who contested the transaction at the previous court hearing, has filed a notice of appeal and requested a stay of the Supreme Court's decision pending such appeal. InterOil intends to seek to have any appeal heard on an expedited basis, and InterOil and ExxonMobil intend to close the transaction promptly following receipt of a favorable resolution.
