Crescent Energy to buy SilverBow Resources in US$2.1-billion deal

in a $2.1-billion deal, the companies said on Thursday, amid a consolidation wave in the U.S. oil and gas industry.The announcement comes amid SilverBow’s tussle with its largest shareholder Kimmeridge Energy Management, which is vying for seats on SilverBow’s board after a failure to acquire the company.

SilverBow shareholders would get 3.125 shares of Crescent Class A common stock for each share of SilverBow, along with an option to get all or a portion of the proceeds in cash at a value of $38 per share.After the deal’s closing, which is expected in the third quarter, Crescent’s board of directors will increase to 11 members with the addition of two directors to be designated by SilverBow.

SilverBow has a market capitalization of about $826-million, as of last close. Its shares, which have gained about 11 per cent this year, were up 13 per cent in premarket trading. Shares of Crescent fell 1.4 per cent.Tickers mentioned in this story Study and track financial data on any traded entity: click to open the full quote page. Data updated as of

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