Cox-Energy XXI merger to go through in early October
Energy XXI Gulf Coast (EGC) has entered into an amendment to the agreement and plan of merger with Cox Oil LLC to
The EGC said on Monday that the new amendment on the merger deal with Cox was made to provide for the closing date of the merger to occur on October 10, 2018.
The amendment also provides that Cox cannot refuse to consummate the merger because of any material adverse events occurring on or after September 10, 2018, until the closing date.
To remind, Cox Oil offered to buy all the outstanding shares of Energy XXI Gulf Coast for $322 million on June 18. According to EGC, the agreed price is $9.10 per fully diluted share in cash, representing a 21% premium to EGC’s closing share price on June 15, 2018.
EGC’s board of directors unanimously approved the proposed transaction with Cox after evaluating multiple transactions, including a proposal from Orinoco Natural Resources (ONR) and its affiliates to assume EGC’s non-core asset portfolio and related asset retirement obligations.
On September 6, 2018, the merger was approved by EGC’s stockholders at a special meeting on the same date. At the special meeting, 69.1% of votes were cast in favor of the merger.