Venoco approves CEO take-private proposal

摘要

Venoco Inc., Denver, (NYSE: VQ) has reported approval of the proposal by chairman and chief executive Timothy M. Marquez to acquire all of the remain- ing outstanding Venoco shares through his entity Denver Parent Corp. for approximately $734.6 million in cash. Marquez, who holds 50.3% of Venoco stock, has offered $12.50 per share. Venoco has approximately 58.7 million shares outstanding, with the remaining 49.7% not held by Marquez amounting to about 29.2 million shares. The offer represents a 63% premium to Venoco's closing price on Jan. 13 and a premium of 75% to the volume-weighted one-month moving average for that date. It implies a total enterprise value of approximately $1.5 billion.