Welcome to our dedicated page for SilverBow Resources news (Ticker: SBOW), a resource for investors and traders seeking the latest updates and insights on SilverBow Resources stock.
SilverBow Resources, Inc. (NYSE: SBOW) is an independent, Houston-based energy company with a primary focus on the exploration, development, and production of oil and natural gas. Operating primarily in the Eagle Ford Shale and Austin Chalk regions of South Texas, the company leverages nearly 30 years of regional expertise to maintain a high-quality drilling inventory and maximize returns on capital investments.
SilverBow's operations are highly contiguous, optimizing horizontal well development while ensuring operational efficiency. The company generates significant revenue from oil, natural gas, and natural gas liquids sales, with a majority coming from the prolific Webb County Gas field.
Recent strategic moves include efforts to position the company for sustainable growth and value creation. Despite challenges from shareholders like Kimmeridge, SilverBow continues to focus on enhancing shareholder value through a strategic sales process, recently leading to a pending sale to Crescent Energy.
The company’s commitment to operational excellence, combined with its strategic initiatives, underscores its significance in the energy sector. SilverBow Resources remains a critical player in the Eagle Ford Shale, continuously adapting to the evolving landscape to deliver strong financial performance and shareholder returns.
Crescent Energy Company (NYSE: CRGY) has received overwhelming stockholder approval for its proposed merger with SilverBow Resources Inc. (NYSE: SBOW). At a special meeting, approximately 99.94% of the Crescent common stock voted were in favor of the Merger, representing about 87.94% of the outstanding Crescent common stock. The merger is expected to close on July 30, 2024.
CEO David Rockecharlie highlighted that this decisive vote demonstrates strong support for the complementary transaction, which will create one of the largest operators in the Eagle Ford. The combined entity will feature high-quality, long-life assets, an attractive returns-driven financial framework, and a strong balance sheet. It will be led by a management team and Board with significant operating and investing expertise.
SilverBow Resources (NYSE: SBOW) stockholders have overwhelmingly approved the $2.1 billion acquisition by Crescent Energy. At a special meeting, 99% of votes cast were in favor of the transaction. The deal, expected to close on July 30, 2024, aims to create a premier Eagle Ford oil and gas organization. CEO Sean Woolverton highlighted the attractive premium for stockholders and the potential for a scaled company with a balanced asset portfolio, substantial free cash flow generation, and a strong balance sheet. Crescent stockholders separately approved the issuance of Class A common stock for the transaction. The merger remains subject to customary closing conditions.
Crescent Energy (NYSE: CRGY) and SilverBow Resources (NYSE: SBOW) have announced preliminary results for the election of merger consideration in their pending acquisition. Based on available information as of July 24, 2024:
- 44.95% (11,479,832 shares) elected to receive Stock Election Consideration
- 30.40% (7,764,646 shares) chose Mixed Election Consideration
- 24.65% (6,295,137 shares) opted for Cash Election Consideration
The estimated cash payout to SilverBow stockholders is approximately $358,091,936, below the $400,000,000 maximum set in the Merger Agreement. Final results and merger consideration allocation will be determined shortly before closing. The transaction is subject to the terms outlined in the Merger Agreement and Proxy Statement/Prospectus.
Crescent Energy and SilverBow Resources have announced the election deadline for SilverBow stockholders to choose their preferred form of merger consideration in the pending acquisition. The deadline is set for 5:00 p.m. Central Time on July 24, 2024, with an expected transaction closing on July 30, 2024. SilverBow shareholders can elect to receive either 3.125 shares of Crescent Class A common stock, $15.31 in cash and 1.866 shares of Crescent Class A common stock, or $38.00 in cash per SilverBow share, subject to a $400 million cap on total cash consideration. Stockholders must submit a properly completed Election Form to Equiniti Trust Company by the deadline. Those who don't make an election will receive 3.125 Crescent shares per SilverBow share by default.
Crescent Energy (NYSE: CRGY) and SilverBow Resources (NYSE: SBOW) have announced the expiration of the Hart-Scott-Rodino Act waiting period, a key step for Crescent's acquisition of SilverBow.
This milestone moves the transaction closer to completion, pending stockholder approvals scheduled for July 29, 2024. The deal will create a mid-cap exploration and production company with a balanced asset portfolio in the Eagle Ford region.
The transaction details are outlined in a joint proxy statement/prospectus filed with the SEC on June 28, 2024. The transaction is expected to finalize shortly after stockholder approval.
SilverBow Resources (NYSE: SBOW) announced that shareholders have re-elected all three director nominees—Gabriel L. Ellisor, Kathleen McAllister, and Charles W. Wampler—at the 2024 Annual Meeting of Shareholders. The preliminary vote count was provided by the company's proxy solicitor. SilverBow expressed gratitude for shareholder support and reaffirmed its commitment to operating efficiently and safely. Additionally, the company is focused on completing its merger with Crescent Energy Company. The final voting results will be detailed in a Form 8-K filed with the U.S. Securities and Exchange Commission.
Kimmeridge, the largest shareholder of SilverBow Resources (NYSE: SBOW), has withdrawn its independent nominees to SilverBow's Board of Directors after the company announced its definitive agreement to be acquired by Crescent Energy.
Although Kimmeridge expressed disappointment over the sales process, they acknowledged the importance of consolidation for shareholders. In February, Kimmeridge had suggested eight potential strategic transactions to SilverBow's Board to enhance value creation. The investment community's strong support of Kimmeridge's nominees played a significant role in catalyzing this pending sale.
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.
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