Privately held Cox Oil announced the completion of the merger between affiliates of Cox and Energy XXI Gulf Coast, Inc. (NASDAQ: EGC), following the receipt of all required regulatory approvals and the satisfaction of all conditions to the merger agreement.
Under the terms of the transaction, effective October 18, 2018, Cox acquired all outstanding shares of EGC common stock for $9.10 per fully diluted share in cash, for a total consideration of approximately $322 million.
This represents a 21% premium to EGC’s closing share price on June 15, 2018. Additionally, the Merger Sub merged with and into EGC, and the separate existence ceased with EGC continuing as the surviving corporation.
“This is an exciting day for Cox Oil, a testament to the dedication of our outstanding team striving to deliver maximum value to our existing portfolio and another positive step towards our long-term strategy and goals,” said Chairman of Cox Oil, Brad E. Cox.
Cox Areas of Operations
EGC Areas Operations
