Energy Partners Ltd., New Orleans, (NYSE: EPL) has terminated its plan to acquire Stone Energy Corp., Lafayette, La., (NYSE: SGY) in a deal previously valued at $2.2 billion. Energy Partners paid Stone Energy $8 million in cancellation fees, and now seeks strategic alternatives for the company. Energy Partners was previously offered $883.2 million by ATS Inc., the Covington, La.-based subsidiary of Woodside Petroleum Ltd., Perth, Australia, (Australia: WPL), but rejected the amount as inadequate. Woodside's offer continues, however. Evercore Group LLC, Banc of America Securities LLC, Petrie Parkman & Co. Inc., and UBS Securities LLC are financial advisors for Energy Partners for seeking strategic alternatives, including the possible sale of the company.
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