- EXCO Resources Announces Expiration of Shareholder Rights Plan
Aug 22, 2011
EXCO Resources (NYSE:XCO) announced that its Board of Directors has determine to accelerate the expiration date of its shareholder rights plans from the close of business on January 24, 2012 to the close of business on September 30, 2011.
In January, the company adopted a shareholder rights plan at the direction of the Special Committee of the Board of Directors to enhance the ability to conduct a thorough, deliberative process of exploring the Company's strategic alternatives.
In light of the recent conclusion of the strategic review process, the Board determined that parties who had also previously entered into a confidentiality agreement containing standstill provisions in connection with the strategic review process will be afforded the opportunity to enter into new agreements that would permit the purchase of additional shares of the company's common stock.
The new standstill agreements would expire on September 30, 2011.
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