XOM and IOC Agree to extend outside date by 1 week!

[Relker]

It looks like XOM/IOC negotiated a deal with PM and they have come to terms.

[johnwgrant]

It looks like XOM/IOC negotiated a deal with PM and they have come to terms.

I think that they are still going to try to ram through the same old lousy deal - but paper it better!     Hession still wants his millions!!!

[2126]

It looks like XOM/IOC negotiated a deal with PM and they have come to terms.

There is no indication that PM is involved in any negotiations whatsoever.

[oliver.gump]

It looks like XOM/IOC negotiated a deal with PM and they have come to terms.

XOM/IOC have probably got a deal, but PM is not part of that.

I heard yesterday from a source in Houston (within XOM) that from XOM's point of view, IOC is being taken over, not IF, but WHEN.

We now have many of the shareholders aware of the shenanigans of the IOC BOD and management, so I suspect the outcome of a vote will be quite different if the terms are not significantly improved for the shareholders.

[Kaliboo]

It looks like XOM/IOC negotiated a deal with PM and they have come to terms.

There is no indication that PM is involved in any negotiations whatsoever.

And there is plenty of obvious animosity from MH regarding PM's statements and actions.  I think MH would consider it far beneath himself to try to directly appease PM.  I think he is doing the bare minimum necessary to appease the court without appeasing PM.

[ioc.aussie]

I may be wrong, but I thought the courts found insufficient transparency in the calculation of the deal, and the lack of a final share value due to the unknown resource amount.
Wouldn't IOC / XOM need to offer a fixed and full amount per share that can be taken to the shareholders to vote on to get this through the courts.?

[Palm]

2 very good recent articles citing Canadian lawyers' interpretation of what and why the Appeals Court ruled as they did:

http://business.financialpost.com/legal-...=528d-e5b3

http://www.lexology.com/library/detail.a...cc1ba41857

[ioc.aussie]

The fact that the fairness opinion didn’t place a value on the contingency payment and was itself contingent on the deal closing, Newbury wrote, “clearly undermines the utility of the opinion to the directors, the shareholders and the court.”

For XOM to make this simple, do they wait for A7, re estimate the total gas volume, then make a suitable offer with all facts on the table.

[Palm]

From another article posted here:

"The Court of Appeal agreed with Mulacek's argument that the shareholders did not receive adequate financial information on the deal. The Court of Appeal thought shareholders should have been provided with: (i) the potential value of the PRL 15; (ii) the impact of the cap on the CRP; and (iii) the range of value that shareholders would forego in the event the PRL 15 exceeded the cap. The Court of Appeal accepted opinion evidence of Mr. Peter Dey, a former chair of the OSC, that InterOil should have obtained advice on these values and provided that information to the shareholders. The Court of Appeal agreed, stating that without these value determinations, shareholders were not in a position to make an informed decision on the fairness of the Arrangement."

Seems it should be very hard for IOC/Exxon to propose the same/similar deal in light of above and the Paradigm valuation. The new "independent valuation" would have to shoot huge holes in Paradigm's valuation if they come back with another lowball.

[weaselpuppy]

Vote? That won't matter one bit. The deal starts with 50% of ALL shares voting yes, unless you believe there will be a mass exodus of institutions (note- very unlikely, as the main decision point is "you wanna get paid? vote yes.") With a 75% turnout, that means the vote is over 67% before we begin. All of this roster shuffling and wordsmithing will be to tick down the list from the Appellate Court. The only real question this time through will be do we get a cap or no, as we all and certainly the institutions have a pretty good ballpark of the likely range of product down the hole. Even pushing the cap up by 10% or so, which was the same multiplier from the OSH to XOM deals, is IMO the best case scenario, maxing the $/share at $80ish. That's 68% upside from today and 150% from announce date of the OSH deal. That's gonna fly, IMO.