Billionaire buys stake in EXCO Resources
Billionaire Wilbur Ross buys 7.5 percent stake in EXCO Resources
On Monday December 13, 2010, 10:55 am EST
NEW YORK (AP) -- Billionaire investor Wilbur L. Ross has purchased a stake in independent oil and gas company EXCO Resources Inc. and may want to discuss "extraordinary corporate transactions, such as a merger."
Ross' company, WL Ross & Co., notified the Securities and Exchange Commission Friday that it bought a 7.5 percent stake in EXCO. EXCO, based in Dallas, develops oil and gas fields in Texas, Louisiana, Appalachia and other parts of the U.S. Last month, CEO Douglas H. Miller announced plans to take the company private, offering $20.50 per share.
Calls to Ross's office and EXCO were not returned Monday morning.
EXCO controls about 1 trillion cubic feet of proven gas reserves and has struggled with low natural gas prices that have made some of its operations unprofitable. Its shares tumbled to a 52-week low of $13.25 in September.
They added 66 cents, or 3.6 percent, at $19.17 in morning trading.
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