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

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crescent Point Energy selling $600M of assets to Saturn Oil & GasCrescent Point Energy Corp. says it has signed a $600-million deal to sell some of its oil-producing properties in Saskatchewan to Saturn Oil & Gas.
Source: CTVCalgary - 🏆 26. / 68 Read more »

Crescent Point Energy selling $600M of assets to Saturn Oil & GasCALGARY — Crescent Point Energy Corp. says it has signed a $600-million deal to sell some of its oil-producing properties in Saskatchewan to Saturn Oil & Gas. The company says included in the deal are its Flat Lake and Battrum properties.
Source: SooToday - 🏆 8. / 85 Read more »

Crescent Point Energy selling $600M of assets to Saturn Oil & GasCrescent Point Energy Corp. says it has signed a $600-million deal to sell some of its oil-producing properties in Saskatchewan to Saturn Oil & Gas.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Crescent Point Energy selling $600-million of assets to Saturn Oil & GasCrescent Point Energy says included in the deal are its Flat Lake and Battrum properties
Source: globeandmail - 🏆 5. / 92 Read more »

Crescent Point Energy selling $600M of assets to Saturn Oil & GasCALGARY — Crescent Point Energy Corp. says it has signed a $600-million deal to sell some of its oil-producing properties in Saskatchewan to Saturn Oil & Gas...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Kimmeridge Calls SilverBow ‘Worst-in-Class’ as Proxy Fight HeatsKimmeridge Energy Management Co. said shale driller SilverBow Resources Inc.’s board prioritizes itself over investors as the proxy battle comes to a head.
Source: BNNBloomberg - 🏆 83. / 50 Read more »