Callon Slashes Carrizo Deal In Bid To Gain Investor Support

Law360 (November 14, 2019, 5:13 PM EST) -- Callon Petroleum on Thursday slashed the value of its anticipated all-stock takeover of Carrizo Oil & Gas and delayed a shareholder vote on the transaction in hopes of drumming up greater shareholder support for the deal. 

The new deal terms announced by Callon Petroleum Co. and Carrizo Oil & Gas Inc. come amid pushback from some investors, including an open letter from Callon shareholder and investment manager Paulson & Co. Inc. that was released in September. 

Callon said it now plans to swap each Carrizo share for 1.75 shares of Callon common stock, compared to the 2.05 Callon shares per Carrizo...

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