Crescent Energy Strikes $2.1 Billion Deal for SilverBow

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Silverbow Resources Inc.,Bloomberg News,Silverbow

(Bloomberg) -- Crescent Energy Inc. agreed to buy SilverBow Resources Inc., a rival oil and gas producer that’s in a proxy fight with its largest shareholder...

-- Crescent Energy Inc. agreed to buy SilverBow Resources Inc., a rival oil and gas producer that’s in a proxy fight with its largest shareholder, for $2.1 billion.Dow Average Makes History to Hit the 40,000 Mark: Markets Wrap

The agreement comes as SilverBow seeks to fend off a board challenge from Kimmeridge Energy Management Co., which owns about 13% of its outstanding shares. SilverBow has been feuding with Kimmeridge since the asset manager began building a stake in the company in 2022. Kimmeridge is seeking three seats on SilverBow’s board after dropping its latest takeover offer.

Crescent’s financial advisers on the acquisition are Jefferies LLC, as lead advisor, and Wells Fargo & Co., while BofA Securities Inc. and Evercore advised SilverBow.Dow CFO explains path to its first emission-free facility

 

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