The chief executive officer and chairman of Venoco Inc., who also is the majority shareholder of the Denver-based oil and gas company, made a nonbinding proposal to acquire all of Venoco common stock in a transaction worth $770 million. Venoco operates primarily in California.
Venoco’s board plans to form a special committee of independent directors to consider the proposal.
Timothy M. Marquez, Venoco chief executive officer, said the acquisition, if approved, would be in the form of a merger via an acquisition vehicle that he would form, and he expects the company’s existing senior management team would remain. He already owns 50.3% of the company.
Marquez will not be part of Venoco’s special committee to consider the proposal to take the company private.
