EXCO Resources Buyout
On November 1, 2010. EXCO Resources' (NYSE: XCO) announced that its Chairman and CEO, Douglas H. Miller, offered to acquire all of the shares of the company he does not already own for $20.50 per share.
The offer represents a 38% premium to Friday's closing price and a total equity value of approximately $4.4 billion.
The Board of Directors intends to establish a Special Committee, comprised of independent directors to consider, among other things, the proposal.
Mr. Miller said he has had preliminarily discussions with Oaktree Capital Management, L.P., Ares Management LLC, and Boone Pickens. "Each has expressed an interest in pursuing the acquisition with me," Miller said.
The offer represents a 38% premium to Friday's closing price and a total equity value of approximately $4.4 billion.
The Board of Directors intends to establish a Special Committee, comprised of independent directors to consider, among other things, the proposal.
Mr. Miller said he has had preliminarily discussions with Oaktree Capital Management, L.P., Ares Management LLC, and Boone Pickens. "Each has expressed an interest in pursuing the acquisition with me," Miller said.
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Exco Resources (XCO) Looking for Higher Bid from Miller
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EXCO (XCO) Forms Special Committe to Evaluate Strategic Alternatives
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EXCO Resources (XCO) Retains Barclays, Evercore to Evaluate $20.50/Share Proposal from CEO
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Unusual 11 Mid-Day Movers 11/01: AVNR, XCO, KSP, NTE, VTRO, SUR Higher; WL, BIOD, ANPI, ABK, CDII Lower
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EXCO Resources (XCO) Spread Widens To 6.2%
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Notable Mergers and Acquisitions of the Day 11/01: WL, XCO, CNA/SUR
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Morning Movers 11/01: AVNR, FRZ, XCO, EONC, SUR, FTNT Higher; WL, ABK, BIOD, CDII Lower
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Haynesville and Marcellus Shale Plays are 'In Play' Today Following EXCO (XCO) Takeover Offer
