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Yes Interoil shareholders are very happy and made fortune over night (32%)... But 92% of Inter Oil is owned by Insto and most them probably are sitting pile of losses.
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Without some strong benefit and strategic attached for future benefits. why would InterOil Share Holders accept Oil Search Share Offer ? Take over offers are always around 30% premium price
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... Only issue is would most of Oil Search Share Holder just sell on market or accept the Share Swap Deal.
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... In case most Inter Oil Share Holders decides to Sell Shares, then "Oil Search" need to stretch its leg and buy them on market (for which Oil Search has put $700 million dollars aside)
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OSH Price at posting:
$6.83 Sentiment: None Disclosure: Held