Proxy advisor Glass Lewis backs Cabot/Cimarex shale merger [Reuters]
Cabot Oil & Gas Corporation (COG)
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Source: Reuters
By David French 3 Min Read NEW YORK (Reuters) -Influential proxy advisory firm Glass Lewis has recommended that shareholders of both Cabot Oil & Gas Corp and Cimarex Energy Co vote to support their proposed merger, according to statements seen by Reuters on Tuesday. The backing of Glass Lewis will be regarded as a positive for both parties on the transaction. Many shareholders follow the advice of proxy firms when deciding on how to cast their votes at shareholder meetings. Both sets of shareholders are due to convene on Sept. 29 to vote on the potential merger, which was initially announced in May. The combination was seen as a surprise, given most recent oil and gas mergers have been between companies with overlapping footprints, but this deal brings together Cabot’s gas-rich Marcellus shale positions in the U.S. northeast and Cimarex’s oil-heavy acres in West Texas. “Despite the difference in the strategic rationale underpinning the proposed merger versus other recent exploration
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