SilverBow Resources (SBOW) Update - Mar 28

[dan_s]

March 28 (Reuters) - SilverBow Resources 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 another rebuff of the asset manager's efforts.

Kimmeridge, in its attempt to acquire the company over the last two years, had unveiled a new offer on March 13 that aimed at combining SilverBow with Kimmeridge's gas-producing assets in South Texas, which the asset manager valued 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.

Kimmeridge, which has a 12.9% stake in SilverBow, along with Riposte Capital, its second-largest shareholder, have also been pushing the U.S. energy firm to revamp its board.

SilverBow on Thursday rejected the three nominees proposed by Kimmeridge earlier in March. The company said all of them have close ties or history with Kimmeridge which raises questions over their "independence and ability to represent the interests of all SilverBow shareholders".

SilverBow named Leland Jourdan, who worked at Chevron for nearly two decades, as a member of its board. It also revealed that Kimmeridge has proposed to remove Jourdan in an upcoming shareholder vote.

Riposte Capital declined to comment.

SilverBow said it is continuing to engage with Kimmeridge over the proposed deal. The company's shares were marginally up in early trading.

[grimaldi]

Glad to hear it!

[Fraser921]

Here is my surprise face
Take you crap assests and comeback with an all cash offer !
Realization are below 0 for some ng in Texas.

[dan_s]

HOUSTON--(BUSINESS WIRE)-- SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today filed its preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with the Company’s 2024 annual meeting of shareholders (the “2024 Annual Meeting”).

Also in connection with the 2024 Annual Meeting, SilverBow today sent a letter to its shareholders highlighting:

The successful implementation of the Company’s strategy to drive positive business momentum and deliver substantial shareholder value;

Recent governance enhancements that the Company has made and that the SilverBow Board of Directors (the “Board”) is proposing at the 2024 Annual Meeting to serve shareholders’ best interests;

SilverBow’s extensive history of engagement with Kimmeridge Energy Management Company, LLC (“Kimmeridge”) to find a path toward a value-creating transaction for ALL SilverBow shareholders;

The Board’s decision to NOT nominate the nominees put forth by Kimmeridge following a comprehensive, independent process by the Board’s Nominating and Strategy Committee;

The Board’s conclusion, after consultation with its independent financial and legal advisors, that Kimmeridge’s most recent proposal substantially undervalues SilverBow. The Board believes it is vital to conduct due diligence on Kimmeridge Texas Gas (“KTG"), as the Board and shareholders need relevant information to determine the actual value, not Kimmeridge’s assertion of value, of the KTG assets; and

The Board’s commitment to delivering value for ALL shareholders, including continuing to engage with Kimmeridge regarding its proposed transaction.

Read full press result here: https://www.sbow.com/investor-relations/Investor-Relations-Press-Releases/news-details/2024/SilverBow-Resources-Highlights-Successful-Implementation-of-Strategy-and-Positive-Business-Momentum/default.aspx