EXCO Gets Buyout Offer From CEO
NEW YORK (TheStreet) -- EXCO Resources (XCO) has announced that its chairman and CEO, Douglas Miller, proposed to buy all the outstanding shares of the company he doesn't already own for $20.50 a share.
This represents about a 38% premium over EXCO's closing price of $14.83 on Friday.
The company said EXCO's board and a special committee formed in connection with the proposal haven't yet made any decisions regarding the offer.
The company said J.P. Morgan Securities and Goldman Sachs will be Miller's financial advisors for the transaction.
Miller, in a letter to EXCO's board, said he has discussed his proposal with Oaktree Capital, Ares Management, and Boone Pickens, and "each has expressed an interest in pursuing the acquisition with me. "
Shares of EXCO surged by 36.8% to $20.28 in premarket trading Monday.
-- Written by Andrea Tse in New York.
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