Exco Resources Inc (XCO.N) Chief Executive Douglas Miller has lowered his offer for the natural gas company by 9.8 percent to around $4 billion, a source said, in what could be a last-ditch attempt to salvage his bid to take Exco private. Miller, who has been working to purchase his company since November, has submitted a proposal to buy it for $18.50 a share, with most of that price in cash, according to the source. He will also use stock in the deal, leaving a publicly traded stub, said the source, who could not speak on the record because the negotiations are private. The proposal did not include any financing commitments, the source said. 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 initially offered $20.50 per share to buy the remaining shares of the company.
EXCO Resources, Inc.(EXCO) is an independent oil and natural gas company engaged in the exploration, exploitation, development and production of onshore North American oil and natural gas properties. Shares of XCO fell by 4.37% or $-0.76/share to $16.65. In the past year, the shares have traded as low as $13.25 and as high as $21.04. On average, 2411250 shares of XCO exchange hands on a given day and today's volume is recorded at 13057325.
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