Energy XXI to buy rival EPL for $1.53-billion

Deal to create largest public producer focused on U.S. Gulf shelf. Energy XXI Ltd will buy its closest rival EPL Oil & Gas Inc for $1.53-billion (U.S.) as the company looks to better compete with private-equity backed explorers such as Fieldwood Energy in the shallow-water region of the Gulf of Mexico.

Energy XXI offered $39 per share, a premium of about 34 per cent to EPL’s Tuesday close.

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TAGS Oil, News

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