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DENVER—A Denver-based energy company has agreed to accept a private buyout offer from its chief executive.
Venoco Inc. said Monday oilman and philanthropist Tim Marquez will pay $12.50 a share to raise his stake to nearly 50 percent of the company. The deal is valued at about $383 million and was approved by the company’s board of directors.
According to the Denver Post ( ), the offer represents a premium of 63 percent over Venoco’s closing price of $7.69 a share on Friday.
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Information from: The Denver Post,
