- InterOil (NYSE:IOC) founder and ex-CEO Phil Mulacek concedes that most of the company’s shareholders will vote in favor of ExxonMobil’s (NYSE:XOM) acquisition tomorrow.
- Mulacek objected to XOM’s bid when it was announced in July, saying IOC directors should have pressed for a better deal, and says that during the final months of his time as CEO, negotiations were underway with XOM over an offer that was 3x higher than the current deal.
- Under the July deal, XOM agreed to pay $45-$71.87/share, depending on how much gas in IOC's Elk-Antelope field, which prompted Mulacek to rip into IOC directors as “incompetents” who “ripped off shareholders.”