Crescent Energy Co. Finalizes SilverBow Acquisition Agreement
Ticker: CRGY · Form: 8-K · Filed: 2024-05-16T00:00:00.000Z
Sentiment: neutral
Topics: acquisition, management-change, shareholder-vote
Related Tickers: SBOW
TL;DR
Crescent Energy locked down the SilverBow deal, board shake-up, and shareholder votes happened May 15th.
AI Summary
Crescent Energy Co. announced on May 15, 2024, that it entered into a material definitive agreement related to its previously announced acquisition of SilverBow Resources, Inc. The company also disclosed changes in its board of directors and executive compensation arrangements. Additionally, Crescent Energy Co. held a shareholder meeting where matters were submitted to a vote.
Why It Matters
This filing signals a significant step towards the completion of Crescent Energy's acquisition of SilverBow Resources, potentially reshaping the competitive landscape in the oil and gas sector.
Risk Assessment
Risk Level: medium — The filing details a material definitive agreement for an acquisition, which inherently carries integration and financial risks, alongside changes in corporate governance.
Key Players & Entities
- Crescent Energy Co. (company) — Registrant
- SilverBow Resources, Inc. (company) — Acquisition Target
- May 15, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Crescent Energy Co.?
The filing indicates the agreement is related to the previously announced acquisition of SilverBow Resources, Inc.
What other significant events were reported by Crescent Energy Co. on May 15, 2024?
The company reported changes in its board of directors, appointment of certain officers, and updates on compensatory arrangements.
Were any matters put to a vote by Crescent Energy Co.'s security holders?
Yes, the filing states that matters were submitted to a vote of security holders.
What is Crescent Energy Co.'s former name?
Crescent Energy Co.'s former name was IE PubCo Inc., with a name change date of June 7, 2021.
What is Crescent Energy Co.'s primary business as indicated by its SIC code?
Crescent Energy Co.'s Standard Industrial Classification (SIC) code is 1311, which corresponds to Crude Petroleum & Natural Gas.
Filing Stats: 4,618 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-05-16 07:40:43
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share CRGY The New York Stock E
- $0.01 — re of SilverBow common stock, par value $0.01 per share ("SilverBow Common Stock"), i
- $15.31 — share (the "Class A Common Stock") and $15.31 in cash (the "Mixed Consideration"), (B
- $38.00 — n cash (the "Mixed Consideration"), (B) $38.00 in cash, subject to an aggregate cap of
- $400,000,000 — in cash, subject to an aggregate cap of $400,000,000 (the "Cash Election Consideration") on
- $61,000,000 — ay SilverBow a termination fee equal to $61,000,000 (the "Crescent Termination Fee") or (b)
- $30,500,000 — pay Crescent a termination fee equal to $30,500,000 (the "SilverBow Termination Fee"); or (
- $9 million — able in the transaction will not exceed $9 million. The foregoing description of the Man
Filing Documents
- d813959d8k.htm (8-K) — 78KB
- d813959dex21.htm (EX-2.1) — 759KB
- d813959dex101.htm (EX-10.1) — 10KB
- d813959dex102.htm (EX-10.2) — 71KB
- d813959dex991.htm (EX-99.1) — 33KB
- d813959dex992.htm (EX-99.2) — 61KB
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- g813959ex99_2p9g1.jpg (GRAPHIC) — 244KB
- 0001193125-24-140017.txt ( ) — 14274KB
- crgy-20240515.xsd (EX-101.SCH) — 3KB
- crgy-20240515_lab.xml (EX-101.LAB) — 18KB
- crgy-20240515_pre.xml (EX-101.PRE) — 11KB
- d813959d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit No. Description 2.1# Agreement and Plan of Merger, dated May 15, 2024, by and among Cresce