UPDATE 1-Callon shareholders approve $740 mln deal for shale rival Carrizo [Reuters]
Callon Petroleum Company (CPE)
Last callon petroleum company earnings: 2/26 05:35 pm
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US:NYSE Investor Relations:
ir.callon.com
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Source: Reuters
Callon shareholders approve $740 million deal for shale rival Carrizo (Reuters) - U.S. shale producer Callon Petroleum Co on Friday won shareholder approval to acquire rival Carrizo Oil & Gas Inc with a reduced stock offer, a month after it won the support of a major dissenting stockholder. The deal was worth about $740 million, based on Friday’s closing price and the reduced offer of 1.75 Callon shares, down from 2.05 shares, for each Carrizo share held. The transaction closed on Friday, the companies said. When the revised offer was made last month, the deal was valued at about $723 million, significantly lower than the original offer that had valued Carrizo at about $1.2 billion. In September, Paulson & Co, among Callon’s top investors, had called on the company to abandon the all-stock offer and consider selling itself, arguing the initial 25% premium to Carrizo’s share price was too steep and would increase Callon’s debt. Paulson dropped its opposition to the deal in November, af
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