DALLAS, Nov 18, 2010 (BUSINESS WIRE) — The Special Committee of the Board of Directors of EXCO Resources, Inc. (the “Company”) (NYSE: XCO) announced today that it has retained Barclays Capital Inc. and Evercore Partners as the Special Committee’s independent financial advisors to assist it in, among other things, evaluating and determining the Company’s response to the proposal made on October 29, 2010 by Douglas H. Miller, the Company’s Chairman and Chief Executive Officer, to purchase all of the outstanding shares of stock of the Company for a cash purchase price of $20.50 per share.
The Special Committee cautions the Company’s shareholders and others considering trading in its securities that no decisions have been made by the Special Committee or the Board of Directors with respect to the proposal. There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.
If a proposal is accepted by the Company, the acquiring person or entity and the Company will be required to make certain filings regarding the proposed transaction with the Securities and Exchange Commission (the “SEC”). Investors and security holders are urged to read all such filings regarding the proposed transaction, if and when the transaction proceeds and such filings are made, because they will contain important information. Free copies of any such filings (if and when they become available) and other documents filed by the Company with the SEC may be obtained at the SEC’s website at www.sec.gov. Information concerning any participants in any solicitation of the Company’s shareholders that is made in connection with the proposed transaction will be disclosed when available.
This press release contains certain forward-looking statements, including statements regarding the activities of the Special Committee and possible business transactions. The forward-looking statements in this press release are subject to risks and uncertainties that could cause actual results to be materially different from expectations, including, without limitation: fluctuations in prices of oil and natural gas, general economic conditions, regulatory changes, fluctuations in the Company’s stock price, the Company’s financial performance, the timing and possible action by the Special Committee and the Board of Directors regarding the proposal, and possible actions by Mr. Miller and other parties. A detailed discussion of several of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the Company’s reports on file with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: EXCO Resources, Inc.