Energy XXI Gulf Coast (EGC) has reached an agreement with the drilling and exploration services company Cox Oil to extend the required closing date for their planned merger to Oct. 17.
Houston-headquarteredexploration and production company EGC said in a press release that it previously announced on September 10, 2018 that, on September 9, 2018, EGC and Cox jointly agreed to enter into Amendment No. 1 to the Agreement and Plan of Merger, which provided that the closing date of the merger would occur on October 10, 2018.
Since the merger agreement amendment was signed in early September, Cox regularly provided EGC with detailed status updates, including that definitive documents, including definitive financing documents, are nearly complete. Based on Cox’s status updates, the companies have agreed to extend the required closing date to October 17, 2018.
This extension is not a waiver of obligations under the merger agreement. The closing of the transaction is not subject to a financing condition.
The EGC Board of Directors had unanimously approved a merger transaction with affiliates of Cox, an independent, privately-held entity that owns and operates assets in the Gulf of Mexico.
Pursuant to the terms of the merger agreement, Cox agreed to acquire all the outstanding shares of EGC common stock for $9.10 per fully diluted share in cash, for a total consideration of approximately $322 million.
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