Kimmeridge’s proposed merger “unfavorable” and “self-serving,” SilverBow Resources asserts
(WO) – In a filing with the U.S. Securities and Exchange Commission, SilverBow Resources accused Kimmeridge of “pursuing a proxy fight to further its attempt to gain control” of SilverBow and “force a combination between SilverBow and KTG” that it says is “unfavorable” to shareholders.
In 2023, Kimmeridge Energy Management Company nominated three directors with “close ties with its fund” to replace three existing SilverBow directors. In the SEC filing, SilverBow asserts that a combination between SilverBow and Kimmeridge Texas Gas is not in the best interest of all of its shareholders.
SilverBow also called Kimmeridge’s appointments “self serving,” while SilverBow’s directors are “independent, highly qualified” professionals with “extensive public company board and executive leadership experience.”
Additionally, SilverBow reiterated its interest in exploring other transaction at “appropriate valuations,” and called for it’s shareholder to vote against the Kimmeridge merger.
SilverBow Resources, Inc. is a Houston-based energy company actively engaged in the exploration, development and production of oil and gas in the Eagle Ford Shale and Austin Chalk in South Texas.
