UPDATE 1-Quicksilver investor group to start due diligence

* Co signs confidentiality pact with management group

* Says group not to buy more shares without board OK

* Co not to waive restrictions in rights plan yet

Oct 25 (BestGrowthStock) – Quicksilver Resources Inc (KWK.N: ), which
received a buyout approach from an investor group including its
chief executive and chairman, said it signed a confidentiality
agreement with the group to inspect its books.

The oil and gas company said the group also agreed not to
acquire any additional shares, without approval from the
board’s transaction committee, for the next six months.

Last week, Quicksilver Resources said it received a letter
from the group, which expressed interest in “exploring
strategic alternatives” for the company, including a
take-private transaction. [ID:nSGE69H0IS]

The investor group, which controls more than 28 percent of
Quicksilver Resources, includes the company’s Chief Executive
Glenn Darden and Chairman Thomas Darden, as well as Darden
family controlled Quicksilver Energy LP.

Quicksilver Resources also said it would not waive certain
restrictions of its shareholder rights plan, as requested by
the group, until it receives and evaluates a proposal.

Shares of the company, which have risen more than 40
percent form a year low in May, closed at $15.20 Friday on the
New York Stock Exchange.
(Reporting by Adveith Nair in Bangalore; Editing by Gopakumar

UPDATE 1-Quicksilver investor group to start due diligence