EPL Tells Stockholders to 'Take No Action' on ATS Offer
Energy Partners, Ltd. has advised its stockholders to take no action at this time in response to an unsolicited proposal from ATS Inc., a wholly-owned subsidiary of Woodside Petroleum Ltd., to acquire control of the Company at a price of $23.00 per share. According to the press release that ATS issued earlier today, the unsolicited proposal is conditioned on the termination of EPL's pending merger with Stone Energy Corporation, which was announced on June 23, 2006.
Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, EPL's Board of Directors will meet in due course to review and discuss the ATS proposal and will advise stockholders of its position.
Evercore Partners and Banc of America Securities LLC are financial advisors to EPL and Cahill Gordon & Reindel LLP is EPL's legal counsel.
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