EXCO CEO Launches $4.4 Billion Takeover Bid
... Douglas Miller, chairman and CEO of Exco Resources, has teamed up with T. Boone Pickens and two private equity firms to launch a $4.36 billion takeover bid for Dallas-based Exco.
Miller said in a letter to Exco shareholders that he has joined forces with Texas billionaire T. Boone Pickens, a member of Exco's board of directors, and private equity firms Ares Management and Oaktree Capital Management to pursue the deal. Miller's group controls about 30 percent of the outstanding Exco shares, which have plunged 30 percent this year because of sliding natural gas prices, according to Dow Jones Newswires.
Haynes and Boone, regular outside counsel to Exco, is advising the company through corporate partners Scott Wallace and Thomas Yang. Exco general counsel William "Lanny" Boeing is handling matters in-house along with assistant general counsel and chief compliance officer Justin Clarke. (Both Boeing and Clarke are Haynes and Boone alums.) A special committee of Exco's board of directors will engage its own counsel, but that firm has not yet been chosen.
Excerpted from AmLaw Daily. To view the full story, click here. (Subscription may be required.)