U.S. shale producer Callon Petroleum on Thursday cut its buyout offer for rival ...
Drilling rigs operate in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. Picture taken February 10, 2019. REUTERS/Nick Oxford
The original merger was opposed by Paulson & Co, Callon’s third-largest shareholder, while proxy advisory firms Glass Lewis & Co and Institutional Shareholder Services urged a “no” vote. The agreement reschedules the shareholder vote to Dec. 20 from Thursday. In September, Paulson called on Callon to abandon the offer and consider selling itself, arguing the 25% premium to Carrizo’s share price was too steep and would increase Callon’s debt. Paulson recently held a 9.5% stake.
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