Take-over bid requirements includes 60 days language
I was leafing through the Notice to Shareholders of the annual meeting and something jumped out at me under the Heading Permitted Bid requirements; Page C-2.
"An offeror may make a Take-over bid for Interoil without becoming an acuring person if it makes a Take-over bid (A permitted Bid) that meets certain requirements, including that the bid must be:
Subject to the irrevocable and unqualified provisions that:
"THE BID WILL REMAIN OPEN FOR ACCEPTANCE FOR AT LEAST 60 DAYS FROM THE DATE OF THE BID"
There is more language in the notice, but with Oneill's comment about 60 days, Exxon and IOC in exclusive negotiations, and Phil's "retiring" I am wondering if they are not reviewing a buyouot offer from Exxon. I'm sure there are more minds on this board with a better grip on these types of transactions, but again, this 60 day language jumped out at me.