Institutional Shareholder Services (ISS) and Glass Lewis & Co. are recommending that Crescent Energy and SilverBow Resources shareholders vote for the companies’ proposed $2.1 billion merger. (Source: Shutterstock)
North American advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co. are recommending that Crescent Energy and SilverBow Resources shareholders vote for the companies’ proposed $2.1 billion merger, Crescent announced July 18.
Crescent’s special meeting for stockholders to vote on the merger is scheduled for 10 a.m. CST on July 29. All shareholders of record by June 28 will be eligible to vote either virtually or by proxy at the stockholder meeting.
The firms also recommend that Crescent shareholders vote for the approval of the issuance of shares on Crescent Class A common stock in connection with the merger, which is expected to close July 30.
As part of the deal’s terms, SilverBow shareholders will receive 3.125 shares of Crescent Class A common stock for each share of SilverBow common stock, with the option to elect to receive all or a portion of the proceeds in cash at a value of $38 per share.
"The recommendations from ISS and Glass Lewis reinforce our belief that this accretive and transformative transaction with SilverBow is in the best interests of the company and its shareholders," said Crescent CEO David Rockecharlie.
The merger will create the second largest Eagle Ford Shale operator with production reaching approximately 250,000 boe/d.
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