Past year: ▲ 115%(5.01 – 12.49 USD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2004business combination● Neutral
EXCO amended its note exchange registration statement, increasing the exchange offer from $350,000,000 to $450,000,000 of 7 1/4% Senior Notes due 2011 by adding $100,000,000 notes issued April 13, 2004 at 103.25%. The earlier notes were issued January 20, 2004. North Coast Energy remains a co-registrant alongside EXCO. The offer's terms are otherwise as before, and the text is truncated.
25 Mar 2004business combination● Neutral
EXCO Resources filed a registration statement to swap $350,000,000 of its privately issued 7 1/4% Senior Notes due 2011 for identical registered notes. North Coast Energy and its subsidiary North Coast Energy Eastern are listed as co-registrants, i.e. guarantors of the notes. The visible text does not show details of how the North Coast acquisition was financed; the document is truncated. For former shareholders it carries no new payout; it shows North Coast now sits inside EXCO's debt structure.
27 Jan 2004listing compliance notice▼ BadMajor
NORTH COAST ENERGY INC / DE/ deregistered its securities, ending its obligation to file reports with the SEC.
26 Jan 2004business combination● NeutralMajor
North Coast announced that EXCO's $10.75 cash tender offer, which expired at midnight on January 23, 2004, succeeded: 14,894,361 shares (96.8% of the 15,392,101 outstanding) were tendered, clearing the 90% condition, and the buyer has accepted them for payment. Holders who did not tender are to be cashed out at the same $10.75 in a second-step merger without a stockholder vote, which the company says will be completed in the next several days. This resolves the open question of whether the offer would reach 90%.
6 Jan 2004business combination● Neutral
North Coast amended its recommendation statement with more background on the sale. The $10.75 price is a 92.0% premium to April 21, 2003 (when advisors were hired) but a 10.7% discount to the November 21, 2003 close and 21.0% below the 12-month high. The board attributed the recent higher prices to speculation. It also notes Baird's $1,724,000 contingent fee and 2002 net income of $9.8 million. A letter explains that old share certificates issued on or before May 12, 1999 must be divided by five to reflect the 1-for-5 reverse split. Offer terms are unchanged.
10 Dec 2003business combination▲ Good
North Coast reported that NUON's subsidiary has signed the stock tender agreement and escrow agreement, and NUON has signed its guaranty, as the merger agreement required. This removes a condition on the deal's progress; the offer still expires January 23, 2004 unless extended and still needs 90% tendered.
5 Dec 2003business combination▲ GoodMajor
With the tender offer now launched (December 5, 2003), North Coast filed its formal recommendation statement. The offer is $10.75 cash per share, scheduled to expire at midnight New York time on January 23, 2004, under a merger agreement amended and restated on December 4. NUON's subsidiary held 13,048,277 shares (about 85.6%) and was to sign a tender agreement, with 15,251,806 shares outstanding as of December 3. Remaining holders would be cashed out at the same price in a follow-on merger (subject to appraisal rights), after which North Coast would be a wholly owned EXCO subsidiary. Change-in-control payments to executives are disclosed (e.g. up to $1,612,875 for Mr. Yonel). The text provided is truncated, so the board's recommendation itself is not visible here.
28 Nov 2003business combination● Neutral
The bidders refiled the Schedule TO communication to correct typographical errors in the November 26 press release exhibit. The terms are unchanged ($10.75 per share cash, expected close by February 1, 2004).
26 Nov 2003business combination● Neutral
EXCO Holdings, EXCO Resources and NCE Acquisition filed the same November 26 press release as a pre-commencement Schedule TO communication. It repeats the $10.75 per share cash tender offer and adds no new terms.
26 Nov 2003business combination▲ GoodMajor
North Coast Energy announced a deal to be bought by EXCO Resources for $10.75 per share in cash, through a tender offer by EXCO's subsidiary NCE Acquisition. NUON Energy & Water Investments, holder of about 86% (the stake seen in the 2000 holder notice), has agreed to tender its shares subject to conditions; the offer needs at least 90% of shares (including shares issuable on options and warrants), any untendered shares would be bought at the same price in a follow-on merger, and closing is expected by February 1, 2004. This is a preliminary communication filed before the offer started.
5 Sept 2003listing compliance notice▼ BadMajor
NORTH COAST ENERGY INC / DE/ deregistered its securities, ending its obligation to file reports with the SEC.
1 Apr 2003listing compliance notice▼ BadMajor
NORTH COAST ENERGY INC / DE/ deregistered its securities, ending its obligation to file reports with the SEC.
