UPDATE 1-CEO considers taking part of Exco private-source
* Deal process could end within weeks-source
* CEO so far unable to take full company private
By Mike Erman
NEW YORK, June 24 (Reuters) - EXCO Resources (XCO.N) Chief Executive Douglas Miller is considering a deal structure that would leave part of his company public because he is having difficulty raising financing for a deal to take the entire company private, a source familiar with the matter told Reuters on Friday.
Last November, Miller teamed up with investors, including oilman T. Boone Pickens, and bid about $4.36 billion to take the company off the public markets. The group offered $20.50 per share to buy the remaining shares of the company. [ID:nSGE6A00GV]
Miller is now under pressure to present a final bid to the board's special committee as the process has dragged on.
The source also told Reuters that the process should end within a few weeks. The source spoke on a condition of anonymity because the information was not public.
The news was first reported by the Wall Street Journal on Friday. The newspaper said that Miller was studying a leveraged buyout with a "public stub" allowing a portion of the company to stay publicly traded.
Miller was not able to be reached for comment late on Friday.
Exco Resources shares closed at $18.78 on Friday. (Additional reporting by Jochelle Mendonca in Bangalore; editing by Carol Bishopric)
- Gaza rockets land deep in Israel as it bombards Palestinian enclave |
- Anger mounts as Germany unearths second U.S. spy suspect
- Both candidates in Indonesia election claim victory; Jokowi ahead in more counts |
- Argentina, Netherlands set for battle, Brazil wonders what happened
- Former New Orleans Mayor Nagin gets 10 years in corruption case