So net cash to EXCO will be $230M? Wasn't the expectation much hire than that? I recall a stmt from the company last year that it expected to sell TGGT for $1.4B, and net $500M, and that was at a time when gas prices were much lower. Deal announced today is about half of that ...
Exco Says Sale of TGGT Unit May Garner Up to $1.4 Billion - headline from a story in May 2012 on Bloomberg (i don't think I am allowed to post the link, so you'll have to google it).
And then in the October 2012 conf call Miller reiterated the expectation that TGGT sale would yield $500M - $700M net proceeds to buy down the debt (again, can't post a link, go look for the transcription on seeking alpha).
All of those numbers are at least a year old, so give them the benefit of the doubt and say that the market has moved. However, the charts on the EXCO website also show that EBITDA for EXCO includes something like $75M / yr from TGGT, so they're getting 3x EBITDA. That seems like a discount.
Clearly the market was expecting a higher price for TGGT, and since expectations were not met, stock is giving back some of the run it has had recently - not alot, so it's not a huge hit, but if it were a positive the stock would be up, not down.