Energy XXI Gulf Coast, Inc. (ticker: EGC) said that it has entered into an amendment to the Agreement and Plan of Merger to provide for the closing date of the merger with Cox Oil affiliates to occur on October 10, 2018. Cox Oil is an independent, privately-held entity that owns and operates assets in the Gulf of Mexico.
The amendment also provides that Cox cannot refuse to consummate the merger because of any material adverse events occurring on or after September 10, 2018 until the closing date.
On September 6, 2018, the merger was approved by EGC’s stockholders at a special meeting that same date. A total of 24,675,571 shares of EGC common stock entitled to vote, representing approximately 73.89% of the shares of EGC common stock outstanding as of the record date of August 3, 2018, were present or represented, in person or by proxy, at the special meeting.
At the special meeting, 23,085,021 shares were voted in favor of the merger, representing 69.1% of EGC’s total outstanding shares and 93.5% of the total number of shares voted at the special meeting.
The unanimously approved merger transaction with affiliates of Cox Oil, was announced on June 18, 2018. Pursuant to the terms of the merger agreement, Cox will acquire all the 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.
