ExxonMobil launches bidding war for InterOil

July 18, 2016 5:16 PM

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Papua New Guinea oil and gas firm InterOil said Monday that had received an acquisition bid from ExxonMobil that's more lucrative than a previous deal offered by Oil Search Limited, setting up a potential bidding war.

The ExxonMobil offer represents a "superior proposal" under the terms of InterOil's previous tie-up agreement, under which Oil Search now has three days to make a new offer, InterOil said.

Also read: Hong Kong CKI makes $5.4 billion bid for Australian energy Duet Group

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