Crescent Energy falls on $2.1 bln deal to buy SilverBow Resources

SilverBow Resources

16/05/2024 14:59

(Updates)
    ** Shares of oil and gas firm Crescent Energy  CRGY.N  fall
4.6% to $11.68 in morning trade
    ** Co to buy energy producer SilverBow Resources  SBOW.N  in
$2.1 billion deal 
    ** SilverBow shareholders will receive 3.125 shares of CRGY
class A common stock for each share of SBOW common stock
    ** SBOW shareholders will also have the option to receive
all or a portion of the proceeds in cash at a value of $38/shr
    ** SBOW's largest shareholder, Kimmeridge Energy, had made
similar bid earlier this year, but withdrew the offer later 
    ** SilverBow shares jump 13.3% to over six-month high of
$36.65
    ** Including session's move, CRGY stock down 11.4% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))