Natural gas-focused Venoco Inc. said Chief Executive Timothy Marquez has received a “highly confident” letter regarding a portion of the financing necessary to take the company private, Reuters wrote Wednesday. Venoco in January agreed to be acquired by Marquez for $12.50 per share.
(Reuters) – Natural gas-focused Venoco Inc said Chief Executive Timothy Marquez has received a “highly confident” letter regarding a portion of the financing necessary to take the company private.
The board last week extended to July 20 the deadline for Marquez to secure funding for the deal.
Venoco in January agreed to be acquired by Marquez for $12.50 per share.
Marquez, along with affiliated trusts and foundations, owned about 50.3 percent of Venoco stock as of Jan. 16.
Venoco shares closed at $11 on Tuesday on the New York Stock Exchange.
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