Exco (XCO) CEO Pressured to Raise Bid

After the outlook for energy prices over the long term have been upwardly revised, the special committee of Exco (NYSE:XCO), put together to deal with the bid of CEO Douglas Miller, has asked him to boost his offer in light of the new data.

The company's special committee, convened after Miller made a $4.4 billion offer on Oct. 29, invited other bids for the company in January. Several parties, including larger oil-and-gas companies and private-equity firms, have signed confidentiality agreements, people familiar with the matter said. But the overall interest has been lower than the special committee expected, they added.

If an offer more compelling than Miller's doesn't arrive, the committee is unlikely to agree to sell to Miller at the current offer price, according to the people familiar with the matter. Instead, the directors would push for a higher offer from Miller's group.

Exco closed Wednesday at $20.22, gaining $0.07, or 0.35 percent.




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