Kimmeridge Energy Management said on Monday it remained ready to engage with SilverBow Resources over its takeover bid, days after the U.S. oil and gas producer rejected the latest offer that valued it at $2.1 billion including debt.
The activist investor, the top shareholder in SilverBow, in an open letter said the company did not contact it before rejecting the March 13 proposal that aimed at combining SilverBow with Kimmeridge’s gas-producing assets in South Texas.
Kimmeridge also unveiled additional data on Kimmeridge Texas Gas (KTG) after SilverBow said on March 28 that it was vital to conduct due diligence to determine the value of the assets.
The alternative asset manager also said the three directors it had nominated to SilverBow’s board were not related to Kimmeridge, KTG or its latest offer. SilverBow had said all three have close ties or history with Kimmeridge.
SilverBow did not immediately respond to a request for comment.
(Reporting by Vallari Srivastava and Sourasis Bose in Bengaluru; Editing by Sriraj Kalluvila)