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CPE - Carrizo Oil & Gas: Revised Offer From Callon Involves A Minimal Premium
Callon Petroleum Company
Callon Petroleum's (CPE) amended offer for Carrizo Oil & Gas (CRZO) appears to be fairly mediocre. While the total value of the deal only decreased by several percent, since most of the acquisition price involved picking up Carrizo's debt and preferred shares, the share consideration went down by 15%.
As a result, the revised offer doesn't appear to involve a noticeable premium for Carrizo anymore. For the deal to make sense for Carrizo's shareholders, the combined company would certainly need to hit its synergy targets as well as make use of