SilverBow Resources rejects Kimmeridge's latest $2.1 billion takeover offer (updated)

SilverBow Resources

28/03/2024 12:56

(Adds details and background from paragraph 2 onwards)
       March 28 (Reuters) - SilverBow Resources  SBOW.N  said
on Thursday it has rejected largest shareholder Kimmeridge
Energy Management's latest offer that valued the oil and gas
producer at $2.1 billion, including debt, in the latest rebuff
of the asset manager's efforts.
    The offer from March 13 was the asset manager's latest
attempt to acquire SilverBow over the last two years and aimed
at combining SilverBow with Kimmeridge's gas-producing assets in
South Texas, which Kimmeridge values at about $1.4 billion,
including debt.
    SilverBow said the latest offer "substantially undervalues"
the company and it is vital to conduct due diligence on
Kimmeridge Texas Gas to determine the value of the assets.
    The company said it is continuing to engage with Kimmeridge
over the proposed deal. 
         

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