WFC - Crescent Energy To Acquire SilverBow Resources In $2.1B Deal | Benzinga
Crescent Energy Co (NYSE:CRGY) has reached an agreement to acquire SilverBow Resources Inc (NYSE:SBOW) for $2.1 billion.
This acquisition comes amid a proxy battle involving SilverBow's largest shareholder, Kimmeridge Energy Management Co.
SilverBow shareholders will receive 3.125 shares of Crescent Class A stock for each SilverBow share. Additionally, SilverBow investors have the option to take all or part of the payment in cash at $38 per share, capped at $400 million.
After close, the Crescent board of directors will increase to 11 members with the addition of 2 directors to be designated by SilverBow.
The transaction, which represents an 18% premium over SilverBow’s last closing price, expands Crescent's operations significantly in the Eagle Ford shale basin in southeastern Texas.
Crescent, managed by KKR & Co Inc (NYSE:KKR) ...