Deals
InterOil Founder Abandons Fight to Derail Exxon’s Takeover
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InterOil Corp. founder and ex-CEO Phil Mulacek said most of the natural gas explorer’s shareholders will vote in favor of Exxon Mobil Corp.’s acquisition on Wednesday, despite his two-month campaign to hold out for a better deal.
Mulacek, who founded InterOil in the 1990s and led it until he stepped down in 2013, objected to Exxon’s bid when it was announced in July, saying InterOil directors should have pressed for a better deal. During the final months of Mulacek’s tenure as chief executive officer, negotiations were underway with Exxon over an offer three times higher than the current transaction, he said on Tuesday. Mulacek’s 5.35 percent stake makes him InterOil’s third-largest investor.