Venoco (VQ) Extends Time Line for Committed Financing in Merger
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Venoco (NYSE: VQ) announced today that, based on the recommendation of the special committee of independent directors, the board of directors of Venoco has agreed to extend to 5 p.m. Eastern Time on October 5, 2012 the date by which committed financing must be obtained for the merger contemplated by the merger agreement among Venoco, Timothy Marquez, Denver Parent Corporation and another affiliate of Mr. Marquez (the "Merger Agreement"). The End Date (as defined in the Merger Agreement) was extended to 5 p.m. Eastern Time on October 8, 2012.
The merger was previously approved by a majority of the outstanding shares of Venoco common stock and a majority of the votes of the common stock not owned by Mr. Marquez, his affiliates, and by directors, officers and employees of Venoco or its subsidiaries. Completion of the transaction is subject to certain closing conditions, including a financing condition and other customary conditions.
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The merger was previously approved by a majority of the outstanding shares of Venoco common stock and a majority of the votes of the common stock not owned by Mr. Marquez, his affiliates, and by directors, officers and employees of Venoco or its subsidiaries. Completion of the transaction is subject to certain closing conditions, including a financing condition and other customary conditions.
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