IOC Interoil Corp. (delisted)

   By Josh Beckerman 
 

InterOil Corp., whose planned sale to Exxon Mobil Corp. has faced court setbacks in Canada, reached an amended deal extending the "outside date" of the transaction to March 31.

The revised agreement increases the amount of additional cash payments to InterOil shareholders based on the gross resource certification of the Elk-Antelope field.

Exxon will pay $45 a share in stock, in line with the original deal announced in July. Meanwhile, the termination fee payable by InterOil in certain circumstances was increased to $100 million from $67 million.

Exxon's all-stock bid valued at about $2.5 billion topped Oil Search Ltd.'s $2.2 billion proposal.

In early November, a Yukon appeals court overturned approval for the deal.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

December 15, 2016 21:02 ET (02:02 GMT)

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