NEW YORK (TheStreet) -- ExxonMobile (XOM) - Get Report , the world's largest oil company, has made a bid Sunday on Papau New Guinea-based oil and gas company InterOil (IOC) for at least $2.2. billion, CNBC's Carl Quintanilla reported on "Squawk on the Street" Monday.

Exxon has offered to pay $45 per share in Exxon stock to InterOil. 

"ExxonMobil has submitted an offer to acquire InterOil Corporation, which we believe represents a superior proposal," Exxon said in a statement.

"We've been waiting for big oil to step up to the plate and buy some of the companies. And this is what they buy?" TheStreet's Jim Cramer said on CNBC.

InterOil had previously agreed to an offer from Australia's Oil Search (OISHF) backed by French oil giant Total (TOT), until ExxonMobile topped that offer, Quintanilla added. 

Oil Search and Total have until July 21 to submit a revised offer, he added. 

If Oil Search wins InterOil, Total will buy a 48% stake in InterOil's Elk-Antelope gas field.

Shares of Exxon are down by 0.40% to $94.74 this morning.

Separately, TheStreet Ratings team set Exxon as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, TheStreet Ratings team also find weaknesses including feeble growth in the company's earnings per share, poor profit margins and weak operating cash flow.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

You can view the full analysis from the report here: XOM

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