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March 1 (Reuters) – Energy producer SilverBow Resources Inc (SBOW.N), opens new tab said on Friday that top shareholder Kimmeridge Energy Management has nominated three candidates to its board, following a failed attempt to take the company private.
SilverBow said Kimmeridge made an all-cash takeover offer last February to take the company private, although its proposal fell through as the investor was unable to secure funding for the deal.
SilverBow shares were up 2.6% at $29.13 at the market open on Friday, giving the company a market value of $740.7 million.
The company’s board will review the nominations, it said in a regulatory filing, adding that some of the nominations “appear to have close ties with Kimmeridge”
The company also said the nominations were part of Kimmeridge’s nearly two-year effort to force a merger with Kimmeridge Texas Gas on terms unfavorable to SilverBow and its shareholders.
SilverBow said it had engaged with Kimmeridge several times over a possible deal, including last week, but had not received any “actionable proposal”.
Kimmeridge and hedge fund Riposte Capital, two of SilverBow’s largest investors, have been pushing the U.S. oil and gas producer to revamp its board to address governance concerns and boost its lagging performance.
Kimmeridge declined to comment on SilverBow’s disclosure.
The post Kimmeridge Energy seeks SilverBow board seats appeared first on Energy News Beat.
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