InterOil Receives Non-Binding Proposal From A Third Party

(RTTNews) - InterOil Corp. (IOC) said that it has received from a third party an unsolicited, conditional, non-binding proposal to acquire 100% of the outstanding common shares of InterOil.

The non-binding proposal is subject to a number of conditions, including (among others) satisfactory completion of due diligence. Consistent with its fiduciary responsibilities, the InterOil Board of Directors, in consultation with its legal and financial advisors, is carefully reviewing and considering the unsolicited proposal.

InterOil Board has taken the necessary steps under InterOil's existing agreement with Oil Search Limited to permit InterOil to engage in further discussions and negotiations with the third party.

The InterOil Board of Directors continues to unanimously recommend the Oil Search transaction to its shareholders.

As previously announced on May 20, 2016, InterOil entered into a binding agreement to be acquired by Oil Search. The Special Meeting of InterOil shareholders to consider the Oil Search transaction is scheduled for July 28, 2016.

On June 28, 2016, the Supreme Court of Yukon issued an interim order authorizing, among other things, the holding of the Special Meeting at which InterOil security holders will be asked to approve the Oil Search transaction.