SilverBow Resources Shareholder Endorses Kimmeridge's $2.1 Billion Offer
(Reuters) — SilverBow Resources shareholder Riposte Capital on Thursday backed Kimmeridge Energy Management's latest buyout offer that valued the U.S. oil and gas producer at close to $2.1 billion, including debt.
The activist shareholder, which owns about 9.9% of SilverBow's outstanding common stock, said the offer from the company's largest shareholder was "highly compelling".
On March 13, Kimmeridge submitted a new offer that aimed to combine SilverBow with Kimmeridge's gas-producing assets in South Texas.
"The combined entity would be positioned to lead further consolidation in the region and would be instantly attractive to the public markets," Riposte said.
SilverBow said it was carefully reviewing the proposal while Kimmeridge did not immediately respond to a request for comment.
In November, Kimmeridge had backed Riposte Capital's demand that SilverBow appoint three new directors to its board.
SilverBow's shares slipped in morning trade, tracking a decline in crude oil prices.
Related News
Related News
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
Comments