Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, February 8, 2011

Investor Ross mulls joining CEO-led bid for Exco, (NYSE: XCO)

Billionaire investor Wilbur Ross is considering joining in an effort to buy oil and gas company Exco Resources Inc (XCO.N), according to a regulatory filing. Exco Chief Executive Douglas Miller launched a $4.36 billion takeover bid for his company in November, backed by top investors including billionaire T. Boone Pickens, Oaktree Capital Management and Ares Management. Ross and his investment group, WL Ross & Co, are evaluating "whether or not to participate in the proposed transaction with Mr. Miller and the other potential investors or other similar transactions," the group said in a form filed with the U.S. Securities and Exchange Commission on Friday.

Source