Kimmeridge Energy seeks SilverBow board seats (updated)

SilverBow Resources

01/03/2024 14:43

(Adds details from filing regarding merger proposal, background
in paragraph 2 through 6)
       March 1 (Reuters) - 
    Energy producer SilverBow Resources Inc  SBOW.N  said on
Friday that top shareholder Kimmeridge Energy Management has
nominated three candidates to its board, following a failed
attempt to take the company private.
  
    SilverBow said Kimmeridge made an all-cash takeover offer
last February to take the company private, although its proposal
 fell through as the investor was unable to secure funding for
the deal.
        SilverBow shares were up 2.6% at $29.13 at the market
open on Friday, giving the company a market value of $740.7
million.  
  
    The company's board will review the nominations, it said in
a regulatory filing, adding that some of the nominations "appear
to have close ties with Kimmeridge"
        The company also said the nominations were part of
Kimmeridge's nearly two-year effort to force a merger with
Kimmeridge Texas Gas on terms unfavorable to SilverBow and its
shareholders.
  
        SilverBow said it had engaged with Kimmeridge several
times over a possible deal, including last week, but had not
received any "actionable proposal".
  
        Kimmeridge and hedge fund Riposte Capital, two of
SilverBow's largest investors, have been pushing the U.S. oil
and gas producer to revamp its board to address governance
concerns and boost its lagging performance.
  
        Kimmeridge did not immediately respond to a request for
comment.
  

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Anil
D'Silva)
 ((mrinalika.roy@thomsonreuters.com;))