Bois d'Arc to Continue with Business As Usual
Bois d'Arc Energy says that after a comprehensive review, its Board of Directors has concluded its review of strategic alternatives. During the course of this review, the Company and its financial advisors solicited and received several preliminary offers to purchase the Company. No definitive offers were received where the potential buyer had established that sufficient financing was currently available to complete a transaction.
Bois d'Arc also announced that the Board of Directors has authorized an open market share repurchase plan for the purchase of up to $100.0 million of its common shares in open market and private transactions. The implementation and execution of the plan, including the number of shares to be purchased, is subject to business and market conditions as well as obtaining the requisite approval from its lenders.
M. Jay Allison, Bois d'Arc's Chairman, commented "Bois d'Arc and its Board conducted an extensive process of evaluating strategic alternatives during a period of uncertainty in the financing markets. After carefully reviewing other strategic alternatives, our Board believes that the best option for our shareholders is to continue to pursue our established and successful business plan augmented by a repurchase of shares."
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