In July, a special committee of the Exco board concluded a review of strategic alternatives after determining that the options before the company were not in the best interests of shareholders. Exco chairman and CEO Douglas Miller had an unsolicited bid to acquire the shares he did not own for $20.50 each in cash. That offer was later revised to $18.50 per share, in a mix of $13.52 per share cash and $4.98 per share in stub equity, subject to a proration, or about $4 billion. The special committee rejected the offer, in part, because of a lack of assurances regarding financing.

The committee also released bidding parties from standstill agreements and lifted a poison pill as of Sept. 30.

WL Ross & Co. LLC held 12.5% of Exco at the end of August and was bound by a revised standstill agreement until Sept. 30 to not buy up more than 20% of the company.

Would-be investors in the Miller buyout included Oaktree Capital Management LP, which had 16%; Ares Management LLC, with 6%; and T. Boone Pickens, with a 5% stake; all with representation on the Exco board. Each of the investment firms also had confidentiality agreements that were lifted in September.

Shares of Exco gained nearly $1.70, or 14%, to $13.15 Wednesday at a spread of 40%, or $5.35, to their value in the previous interest from Miller.

Exco comps and the broader independent oil and gas stocks were up slightly Wednesday, but not to the same degree as Exco shares.

Miller did not return a call.

The company plans to announce earnings Nov. 1 and hold a conference call Nov. 2.

It never appeared that Miller had abandoned the offer, just that the committee could not get comfortable with his financing, a risk arbitrageur said. Investors may be looking for renewed interest with the earnings call, he said.

The Exco situation might be getting renewed interest in light of the recent $1.5 billion deal for gas developer Brigham Exploration Co. by Statoil ASA, an arb said.