EXCO Puts CEO's Buyout Offer On Hold

By Dallas Business Journal

EXCO Resources said Thursday it will continue to review a bid from the companyâ¿¿s CEO and Chairman Douglas Miller to buy out the company for $4.4 billion, while also reviewing offers from other interested parties.

In November, Miller offered to acquire all of the Dallas-based companyâ¿¿s outstanding shares of common stock for $20.50 per share.

EXCO has a special committee reviewing the plan, but remains open to offers from other bidders, the company said Thursday. To prevent Miller and other potential suitors from blocking the shareholders' ability to consider and pursue other plans, EXCO said it has signed an agreement with Miller that prevents him from acquiring more EXCO stock or from entering into agreements that would prevent shareholders from voting in favor of other plans.

"We intend to conduct a thorough process in which all interested parties will have an opportunity to participate on a level playing field. To that end, we believe it is in the best interests of EXCO shareholders to adopt a shareholder rights plan and require potential bidders to sign confidentiality and standstill agreements,⿝ said Vincent Cebula, a member of the special committee that is reviewing Miller's plan and others.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/dallas/news/2011/01/13/exco-puts-ceos-buyout-offer-on-hold.html?ana=thestreet

Copyright bizjournals.com 2010

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