Venoco extends financing deadline for sale
DENVER (AP) — Oil and gas company Venoco Inc. said Friday that its board is extending the deadline for its CEO to secure financing for his plan to buy the company.
The company said founder, Chairman and CEO Timothy Marquez now has until Oct. 5 to get committed financing for the acquisition, which would value the entire company, with 61.46 million shares outstanding, at about $768.3 million. Earlier this month the company had extended the deadline to Thursday.
Marquez owns half the company's outstanding stock and in January he agreed to take Venoco private for $12.50 per share. Shareholders and the board of directors have approved the deal, and Venoco currently expects the sale to close by October.
Shares of Venoco rose 19 cents to $11.89 in afternoon trading.