SilverBow Resources falls after Kimmeridge withdraws takeover offer

SilverBow Resources

16/04/2024 15:03

** Shares of oil and gas producer SilverBow Resources
 SBOW.N  fall ~4.2% to $30.90
    ** Kimmeridge Energy Management withdraws proposal to
combine its gas-producing assets in South Texas with SBOW
    ** Kimmeridge, SBOW's largest shareholder, to now focus on
appointing "new, independent, and experienced" members co's
board
    ** "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
    ** Kimmeridge has made several takeover offers over the last
two years, it had unveiled its latest $2.1 bln offer on March 13
    ** Including sessions' moves, SBOW stock has risen 6.8% YTD
     

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