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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (41230)	7/7/2011 2:47:18 PM
From: E_K_S	Read Replies (2) of 78667

Re: EXCO Resources Inc. (XCO) Exco Chief Miller Is Said to Lower His Buyout Offer by 9.8% to $4 Billion bloomberg.com From the article:"...A revised offer submitted to the company last week is valued at $18.50 a share, with a majority of the price in cash and the rest in shares, said the people, who spoke on the condition of anonymity because the talks are private. Miller’s original bid, made in October, was for $20.50 a share in cash, or about $4.4 billion...." ------------------------------------------------------------------------------------------------------------------------------- Originally bought this stock 9/2010 for $13.50/share as a value play to $24.00/share. Sold out the position 2/24/2011 at $20.25/share. Stock selling off today on 5 x avg volume to $16.60/share based on the news of the lower buy out offer of $18.50/share. I may reconsider entering the trade with a tracking position once all the weak hands have thrown in the towel. Wilbur Ross and a few other value investors have been building large positions at higher prices. Maybe the original buy out group was having trouble getting financing for their deal and their producing properties were originally valued too high (per the recent NYT article) and their bank got cold feet. This one becomes a special situation if it trades back into the $14.00/share - $ 14.50/share territory. EKS

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