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CPE

Callon Petroleum

$4.47

-0.175 (-3.77%)

, CRZO

Carrizo Oil & Gas

$7.73

-0.21 (-2.64%)

06:13
11/14/19
11/14
06:13
11/14/19
06:13

Callon Petroleum, Carrizo Oil & Gas announce amendment to merger agreement

Callon Petroleum (CPE) and Carrizo Oil & Gas (CRZO) announced an amendment to the existing terms of their agreement for Callon to acquire Carrizo in an all-stock transaction. Under the amended terms, Carrizo shareholders will receive 1.75 shares of Callon common stock for each share of Carrizo common stock they own. With the amended exchange ratio, Callon shareholders will own approximately 58% of the combined company and Carrizo shareholders will own approximately 42% on a fully diluted basis. Based on the closing prices of Callon and Carrizo common shares on the pre-announcement date of July 12, the amended exchange ratio represents a premium of 6.7% to Carrizo shareholders. The boards of both Callon and Carrizo have unanimously reaffirmed their support for the transaction as modified by the amendment to the merger agreement. In addition, each of the Carrizo directors remains committed to vote his or her shares in favor of the transaction. The amendment to the merger agreement adjusts the Carrizo termination fee to $20M in certain circumstances, including in some instances in which a competing transaction for Carrizo has been proposed. The amendment also eliminates Carrizo's obligation to reimburse Callon's expenses if Carrizo's shareholders do not approve the transaction and increases the amount of Carrizo's expenses that Callon would reimburse by $2.5M if Callon's shareholders do not approve the transaction. Callon and Carrizo intend to file supplemental proxy materials with the Securities and Exchange Commission in the coming days. The companies continue to expect to close the transaction during Q4, subject to the approval of shareholders of both companies.

CPE

Callon Petroleum

$4.47

-0.175 (-3.77%)

CRZO

Carrizo Oil & Gas

$7.73

-0.21 (-2.64%)

  • 14

    Nov

  • 14

    Nov

CPE Callon Petroleum
$4.47

-0.175 (-3.77%)

07/16/19
IMPC
07/16/19
NO CHANGE
Target $11
IMPC
Outperform
Callon Petroleum price target lowered to $11 from $16 at Imperial Capital
Imperial Capital analyst Irene Haas lowered her price target for Callon Petroleum (CPE) to $11 from $16 to reflect her firm's reduced price deck for 2019. The analyst, however, supports the larger combined entity created by the company's acquisition of Carrizo Oil & Gas (CRZO). She sees more scope, scale, and geographic diversity from the new company and keeps an Outperform rating on Callon.
07/16/19
MKMP
07/16/19
DOWNGRADE
Target $11
MKMP
Neutral
Carrizo Oil & Gas downgraded to Neutral from Buy at MKM Partners
MKM Partners analyst John Gerdes downgraded Carrizo Oil & Gas (CRZO) to Neutral and lowered his price target to $11 from $19 after its announced acquisition by Callon Petroleum (CPE) in an all-stock deal. The analyst notes that the shares now trade with less than 10% equity value upside and warrant a neutral stance. Gerdes also calls the deal "sensible" given the companies' complementary Delaware Basin assets and greater operational efficiencies.
08/12/19
KEYB
08/12/19
DOWNGRADE
KEYB
Sector Weight
Carrizo Oil & Gas downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Leo Mariani downgraded Carrizo Oil & Gas (CRZO) to Sector Weight from Overweight without a price target. The analyst does not see another buyer emerging after Callon Petroleum (CPE) agreed to acquire Carrizo for a 25% premium.
11/05/19
11/05/19
NO CHANGE

Glass Lewis says Carrizo deal 'out of step' with Callon strategy, Bloomberg says
Proxy advisory firm Glass Lewis recommends Callon Petroleum (CPE) shareholders vote against the company's proposed all-stock acquisition of Carrizo Oil & Gas (CRZO), calling the acquisition of Carrizo "decidedly out of step" with Callon's stated strategy of focusing purely in the Permian Basin, according to Bloomberg's Nick Lichtenberg.
CRZO Carrizo Oil & Gas
$7.73

-0.21 (-2.64%)

07/29/19
JRCO
07/29/19
DOWNGRADE
JRCO
Hold
Carrizo Oil & Gas downgraded to Hold from Buy at Johnson Rice
08/19/19
WILL
08/19/19
DOWNGRADE
WILL
Hold
Carrizo Oil & Gas downgraded to Hold from Buy at Williams Capital

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