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Corporations, Partnerships & Associations Law - Corporations - Arrangement - Application to court - Powers of court - Approval - Fair and reasonable

Thursday, December 08, 2016 @ 7:00 PM  

Appeal by Mulacek from the approval of an arrangement, whereby all the shares of InterOil would be exchanged for shares of Exxon Mobile valued at $45 per share, plus a capped contingent resource payment. The arrangement would effectively result in InterOil, a Yukon corporation, becoming a wholly-owned subsidiary of Exxon. InterOil’s primary asset was a 37 per cent joint venture interest in an oil and gas field in Papua New Guinea that was still in development. The judge ruled that that arrangement was fair and reasonable....