June 24 EXCO Resources' (XCO.N) chief executive
is considering a transaction that would allow him to buy only a
part of the oil-and-gas explorer, after he struggled to raise
funds to take the entire company private, the Wall Street
Journal reported, citing people familiar with the matter.
Exco CEO Douglas Miller is studying a leveraged buyout with
a "public stub," allowing a portion of the company to be
private while the remaining stake could still be publicly
traded, the business daily reported.
In 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. [ID:nSGE6A00GV]
The 'public stub' structure would require Miller to raise
less money, while still gaining effective control of the
Miller is considering the move after Exco's special
committee put pressure on him to resolve his offer to take the
company private, the paper said.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Gary