Crescent Energy Company Class A (CRGY) has shared an update.
Crescent Energy has entered into a definitive Merger Agreement with SilverBow Resources, setting the stage for a strategic consolidation expected to reshape both entities. Under the agreement, SilverBow will first merge with Crescent’s subsidiary, becoming a wholly owned subsidiary of Crescent, followed by a subsequent merger with another subsidiary. Stockholders of SilverBow will receive either a mix of Crescent stock and cash, a cash election consideration with a cap, or stock election consideration depending on their elections prior to the merger’s closing date. Following the merger, Crescent and SilverBow stockholders will own a majority and a minority of the combined company, respectively. The merger is subject to customary conditions and approvals, with the board of directors of both companies unanimously recommending the transaction.
For a thorough assessment of CRGY stock, go to TipRanks’ Stock Analysis page.