In a bid to take the company private, EXCO Resources' (NYSE:XCO) Chairman and CEO, Douglas H. Miller, has made a bid of $20.50 for the company, almost 40 percent above Friday's close.
According to Miller, others have shown an interest in acquiring the remaining shares with him, including T. Boone Pickens, Oaktree Capital Management, L.P. and Ares Management LLC. "Each has expressed an interest in pursuing the acquisition with me," said Miller."
The offer by Miller values the company at about $4.4 billion.
EXCO shares have skyrocketed to $19.25, gaining $4.42, or 29.80 percent as of 2:42 PM EDT.
EXCO Resources, Inc., is an independent oil and natural gas company, which engages in the exploration, exploitation, development, and production of onshore oil and natural gas properties in North America.
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