US-based Cox Oil has completed its merger with Energy XXI Gulf Coast (EGC) having received all required regulatory approvals and the satisfaction of all conditions to deal.
Image: Onshore drilling. Photo: courtesy of Stuart Miles/Freedigitalphotos.net.
Under the terms of the transaction, effective October 18, 2018, Cox acquired all 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. Additionally, the Merger Sub merged with and into EGC, and the separate existence ceased with EGC continuing as the surviving corporation.
Cox Oil chairman Brad E. Cox said: “This is an exciting day for Cox Oil, a testament to the dedication of our outstanding team striving to deliver maximum value to our existing portfolio and another positive step towards our long-term strategy and goals.”
Source: Company Press Release