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SilverBow Resources has announced the adjournment of its 2024 Annual Meeting of Shareholders, originally scheduled for May 21, 2024, to May 29, 2024. The postponement follows SilverBow's agreement with Crescent Energy to be acquired in a deal valued at $2.1 billion. Despite the adjournment, the record date (March 22, 2024) and the proposals for the meeting remain unchanged. Shareholders who have already voted do not need to recast their votes. SilverBow continues to urge shareholders to vote in favor of re-electing its three director nominees: Gabriel L. Ellisor, Kathleen McAllister, and Charles W. Wampler. For any voting assistance, shareholders can contact the company's proxy solicitor, Innisfree M&A Incorporated.
Crescent Energy (NYSE: CRGY) announced plans to acquire SilverBow Resources (NYSE: SBOW) in a $2.1 billion transaction, creating a leading growth-through-acquisition company in the Eagle Ford Shale.
This deal will make Crescent the second-largest operator in the region, with a balanced portfolio of high-quality assets and significant free cash flow generation. The combined company will focus on disciplined capital allocation and aims to achieve annual synergies of $65-$100 million.
SilverBow shareholders can opt for either 3.125 shares of Crescent stock per SilverBow share or $38 per share in cash, subject to a $400 million cap. The transaction has unanimous board approval and is expected to close by Q3 2024, pending regulatory and shareholder approvals.
Post-merger, Crescent shareholders will own 69%-79% of the combined entity, while SilverBow shareholders will hold 21%-31%. The board will expand to 11 members, and Crescent will remain headquartered in Houston.
Kimmeridge, an alternative asset manager, issued a letter to SilverBow Resources, the energy company, highlighting misstatements by SilverBow's Board. Kimmeridge aims to create shareholder value, offering a premium proposal for a potential combination. SilverBow's misleading claims about Kimmeridge's actions and intent are addressed, urging shareholders to vote 'FOR' Kimmeridge's nominees for the board.
SilverBow Resources, Inc. (NYSE: SBOW) sent a letter to shareholders ahead of the 2024 Annual Meeting, highlighting strong financial results, debt reduction, increased free cash flow, and capital efficiency gains. The company refuted misstatements by Kimmeridge Energy Management and urged shareholders to vote for its highly qualified directors. SilverBow's proven M&A strategy and experienced board have led to significant value creation and outperformance in the market. The company's acquisitions have enhanced its portfolio, increased oil/liquids production, and improved operational efficiency. The board's deep industry and M&A expertise, along with their track record of delivering shareholder value, are emphasized. Kimmeridge's proposal to combine KTG with SilverBow was deemed undervalued and risky by SilverBow's board, highlighting the company's commitment to maximizing shareholder value.
SilverBow Resources, Inc. (NYSE: SBOW) announced strong first quarter 2024 financial results, exceeding expectations, driven by increased production and reduced capital expenditures. The Company posted record EBITDA and free cash flow, with total debt reduced by $178 million since a recent acquisition. The outlook for the full year 2024 includes higher production and free cash flow estimates, with a focus on oil and liquid developments. SilverBow continues to optimize investments and aims to achieve long-term leverage ratio targets.
SilverBow Resources, Inc. (NYSE: SBOW) is executing a successful strategy to enhance shareholder value, filing an investor presentation and shareholder letter for the 2024 Annual Meeting. The company highlights a strong track record of outperformance, successful strategy execution, and independent board acting in shareholders' best interests. SilverBow emphasizes the importance of voting 'FOR' SilverBow's highly qualified directors to protect shareholder value and rejects Kimmeridge Energy Management Company, 's dilutive proposal. The company's proven strategy includes building a diversified portfolio, driving efficiencies, delivering profitable growth, and strengthening the balance sheet. SilverBow's market recognition, governance enhancements, and valuable director expertise further support shareholder value creation.
