Chief Proposes Management Buyout of EXCO Resources

Douglas Miller, chief executive of EXCO Resources, has proposed a management-led buyout of the oil and natural gas company at a valuation of $4.36 billion, Reuters reported. Miller said in a letter that EXCO shareholders T. Boone Pickens, Oaktree Capital Management and Ares Management have expressed interest in the deal. Miller, who holds a 2.15% stake in the company, offered to pay $20.50 per share, a 38% premium over Friday’s closing price.

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