Crescent Energy nears $2.1 billion deal for SilverBow, Bloomberg News reports (updated)

SilverBow Resources

16/05/2024 11:36

(Adds background, shares from paragraph 2 onwards)
       May 16 (Reuters) - Crescent Energy  CRGY.N  is in
advanced talks to buy SilverBow Resources  SBOW.N , valuing the
oil and gas producer at $2.1 billion, Bloomberg News reported on
Thursday, citing people familiar with the matter.
    The deal talks come amid SilverBow's tussle with its largest
shareholder Kimmeridge Energy Management, which is vying for
seats on SilverBow's board after a failure to acquire the
company.
    SilverBow and Crescent Energy both operate in the Eagle Ford
shale in Texas.
    SilverBow, Crescent and Kimmeridge did not immediately
respond to a Reuters request for comments.
    Shares of SilverBow rose 6.7% in premarket trading. 
    


 (Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj
Kalluvila and Shilpi Majumdar)
 ((Sourasis.Bose@thomsonreuters.com;))