Kimmeridge ready to negotiate proposed offer for SilverBow after latest rebuff (updated)

SilverBow Resources

01/04/2024 13:16

(Adds details and background from paragraph 2)
       April 1 (Reuters) - Kimmeridge Energy Management said on
Monday it remained ready to engage with SilverBow Resources
 SBOW.N  over its takeover bid, days after the U.S. oil and gas
producer rejected the latest offer that valued it at $2.1
billion including debt. 
    The activist investor, the top shareholder in SilverBow, in
an open letter said the company did not contact it before
rejecting the March 13 proposal that aimed at combining
SilverBow with Kimmeridge's gas-producing assets in South Texas.
    Kimmeridge also unveiled additional data on Kimmeridge Texas
Gas (KTG) after SilverBow said on March 28 that it was vital to
conduct due diligence to determine the value of the assets.
    The alternative asset manager also said the three directors
it had nominated to SilverBow's board were not related to
Kimmeridge, KTG or its latest offer. SilverBow had said all
three have close ties or history with Kimmeridge. 
    SilverBow did not immediately respond to a request for
comment. 
      

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