SilverBow has refused to enter into good faith negotiations or undertake substantive due diligence to assess the best path forward for unlocking value on behalf of all shareholders – necessitating the need for fresh perspectives in the Boardroom
Kimmeridge to focus on electing three highly-qualified, independent nominees to SilverBow's Nine-Person Staggered Board at 2024 Annual Meeting
NEW YORK and DENVER, April 16, 2024 /PRNewswire/ -- Kimmeridge, an alternative asset manager focused on the energy sector and the largest shareholder of SilverBow Resources ("SilverBow" or the "Company") holding 12.9% of outstanding shares, today issued the following statement:
On February 21, 2024, Kimmeridge met with SilverBow's Board of Directors (the "Board") and proposed eight different potential strategic transactions the Company could pursue to establish a foundation for long-term value creation in light of continued underperformance. At the Board's invitation, on March 13, 2024, Kimmeridge delivered a financed, premium proposal to combine Kimmeridge Texas Gas ("KTG") and SilverBow with an associated $500 million equity investment (the "Proposal").
The combination would have created a preeminent pure-play Eagle Ford shale operator with an estimated enterprise value of approximately $3.6 billion. The accretive transaction offered SilverBow shareholders a unique opportunity to participate in the compelling upside of a larger and more resilient company that would have been uniquely positioned to drive growth and lead the next phase of consolidation in the Eagle Ford.