Kimmeridge withdraws takeover proposal for SilverBow (updated)

SilverBow Resources

16/04/2024 11:19

(Adds details throughout)
       April 16 (Reuters) - Kimmeridge Energy Management said
on Tuesday it has withdrawn its proposal to combine its
gas-producing assets in South Texas with SilverBow Resources
 SBOW.N .
    Kimmeridge, SilverBow's largest shareholder, in its latest
attempt to acquire the company over the last two years had sent
its offer on March 13 to combine assets.
    "Given SilverBow's lack of engagement, Kimmeridge sees no
pathway towards a transaction... As a result, we are withdrawing
the proposal and will be focused on providing solutions for
SilverBow's broken governance," Kimmeridge said in a statement.
    SilverBow did not immediately respond to a request for
comment.
    The combination would have created a pure-play Eagle Ford
shale operator with an estimated enterprise value of about $3.6
billion. 
    Along with Riposte Capital, SilverBow's second-largest
shareholder, Kimmeridge has been pushing the U.S. energy firm to
revamp its board as well.

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((mrinalika.roy@thomsonreuters.com;))