A special committee of the EXCO Resources Inc (XCO.N) board said on Friday it ended a review of strategic alternatives for the U.S. oil and natural gas company because no deal was struck. The committee's review included a proposal from EXCO Chief Executive Officer Douglas Miller and Texas oilman T. Boone Pickens to take the company private. Miller initially valued EXCO at $20.50 per share in a proposal made in November, but lowered the bid earlier this week. "We conducted a thorough review of strategic alternatives available to the company," a committee statement said. "As that process did not result in a transaction the Special Committee determined is in the best interests of the company and all of its shareholders, the special committee has decided to terminate the process." A representative of the Dallas company could not immediately be reached for comment on the committee's decision.
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 3.97% or $-0.66/share to $15.98. In the past year, the shares have traded as low as $13.25 and as high as $21.04. On average, 2603890 shares of XCO exchange hands on a given day and today's volume is recorded at 7895342.
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