secwatch.observer — SEC 8-K summary
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Issuer:     Crescent Energy Co (CRGY)
CIK:        0001866175
Form:       8-K
Filed at:   2024-05-16T23:59:59+00:00
Accession:  0001193125-24-140017
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 5.02, 5.07, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Crescent Energy to acquire SilverBow Resources; mixed cash/stock deal valued at ~$38/share
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- SilverBow stockholders receive either $38.00 cash (capped at $400M total), 3.125 CRGY shares, or mix of 1.866 shares and $15.31 cash.
- Combined company ownership: 69%-79% to Crescent stockholders, 21%-31% to SilverBow stockholders.
- Crescent board to expand to 11 members; two SilverBow designees to join post-close.
- Crescent controlling stockholders (~43% ownership) entered support agreements to vote in favor and refrain from share transfers.
- Deal expected to close by Nov 15, 2024; termination fees of $61M (Crescent) or $30.5M (SilverBow).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1866175/000119312524140017/0001193125-24-140017-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1866175/000119312524140017/d813959d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-140017

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