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SilverBow Resources shareholder backs Kimmeridge's $2.1 bln offer
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SilverBow Resources shareholder backs Kimmeridge's $2.1 bln offer
Mar 21, 2024 6:02 AM

March 21 (Reuters) - SilverBow Resources ( SBOW )

shareholder Riposte Capital on Thursday backed Kimmeridge Energy

Management's latest buyout offer that valued the U.S. oil and

gas producer at close to $2.1 billion, including debt.

The activist shareholder, which owns about 9.9% of

SilverBow's outstanding common stock, said the offer from the

company's largest shareholder was "highly compelling".

On March 13, Kimmeridge submitted a new offer that aimed to

combine SilverBow with Kimmeridge's gas-producing assets in

South Texas.

"The combined entity would be positioned to lead further

consolidation in the region and would be instantly attractive to

the public markets," Riposte said.

Kimmeridge and SilverBow did not immediately respond to

requests for comment.

In November, Kimmeridge had backed Riposte Capital's demand

that SilverBow appoint three new directors to its board.

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