June 25, 2011 / 1:14 AM / 7 years ago

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)

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