UPDATE 2-Callon Petroleum cuts Carrizo offer in bid to save shale deal [Reuters]
Callon Petroleum Company (CPE)
Last callon petroleum company earnings: 2/26 05:35 pm
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ir.callon.com
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Source: Reuters
Callon Petroleum cuts Carrizo offer in bid to save shale deal HOUSTON (Reuters) - U.S. shale producer Callon Petroleum ( CPE.N ) on Thursday cut its buyout offer for rival Carrizo Oil & Gas ( CRZO.O ) and postponed a shareholder vote in a last ditch effort to win support for the deal. The first major shale merger since Occidental Petroleum Corp’s purchase of Anadarko sent Callon’s shares tumbling. Its bid was seen as a test of whether investors who have opposed shale mergers would accept an all-stock deal that promised higher earnings and cash flow. The new terms of the all-stock deal value the purchase at about $723 million, a 7% premium to the recent trading price, down from the original 25% premium offered in July. It would leave Callon shareholders with 58% of the combined company, up from the original 54%. The original merger was opposed by Paulson & Co, Callon’s third-largest shareholder, while proxy advisory firms Glass Lewis & Co and Institutional Shareholder Services urge
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CPE
Earnings
- 2/26/24 - Miss
CPE
Sec Filings
- 4/1/24 - Form S-8
- 4/1/24 - Form S-8
- 4/1/24 - Form POSASR
- CPE's page on the SEC website