March 28 (Reuters) - SilverBow Resources ( SBOW ) 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.