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CRZO - Callon Disappointment: Mediocre Merger With Carrizo
Carrizo Oil & Gas Inc.
Callon (CPE), a Permian basin focused oil and gas company, is merging with Carrizo (CRZO), a Permian and Eagle Ford oil and gas company. The merger is a share for share deal with a 25% premium to pre-deal prices for Carrizo shareholders, with Callon management leading the combined company. In response, CRZO is up slightly and CPE is down double digits:
While a deal should not be judged by its short term market response, the negative response is instructive. And considering the deal and its implications, there are