Post Tagged with: "Cox Oil"

Energy XXI Updates Merger

Energy XXI Updates Merger

Energy XXI Gulf Coast Provides Update on Merger With Affiliates of Cox Oil LLC

October 11, 2018 - 6:45 am Closing Bell Story, Press Releases
Energy XXI Gulf Coast, Cox Oil Set Closing for Merger on Oct. 10

Energy XXI Gulf Coast, Cox Oil Set Closing for Merger on Oct. 10

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[Read More…]

Energy XXI Gulf Coast to be Acquired by Cox Oil for Approximately $9.10 per Share

Energy XXI Gulf Coast to be Acquired by Cox Oil for Approximately $9.10 per Share

Energy XXI Gulf Coast, Inc. (NASDAQ: EGC) has signed a definitive agreement to be acquired by a privately held Cox Oil affiliate that owns and operates assets in the Gulf of Mexico. 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, representing a 21% premium to EGC’s closing share price on June 15, 2018. EGC’s Board of Directors unanimously approved the proposed transaction with Cox after evaluating multiple transactions, including a proposal from Orinoco Natural Resources, LLC and its affiliates to assume EGC’s non-core asset portfolio and related asset retirement obligations.  EGC has ceased all negotiations with Orinoco and its affiliates regarding the non-binding term sheet that the companies announced on May 10, 2018. Douglas E. Brooks, EGC’s Chief Executive Officer and President, said, “We have sought to protect and maximize shareholder[Read More…]