By OGJ editors
HOUSTON, Dec. 1 -- Exco Resources Inc., Dallas, announced plans to acquire North Coast Energy Inc., Twinsburg, Ohio, in a tender offer worth about $164 million, or $10.75/share.
Consummation of the offer remains subject to the tender of shares representing at least 90% of North Coast Energy's total outstanding shares.
Nuon Energy & Water Investments Inc., which holds 86% of North Coast Energy's issued common stock, agreed to tender its shares. The transaction is expected to close by Feb. 1, 2004.
Exco is a private oil and natural gas acquisition, exploitation, development, and production company with principal operations in Texas, Louisiana, Colorado, and Alberta.
North Coast Energy is a publicly traded independent focused on gas reserves in the Appalachian basin.