CRC to acquire Berry Corp (bry); Berry shareholders get 0.0718 CRC shares per share

California Resources Corp

CRC to merge with Berry; each Berry share converts to 0.0718 shares of CRC common stock.
Berry must pay $12.04M termination fee if it accepts a superior proposal or changes recommendation.
Deal requires Berry stockholder approval, HSR clearance, FERC approval, and registration statement effectiveness.
Outside date for closing is March 14, 2026; no financing condition.
Berry equity awards (RSUs/PSUs) to be converted into CRC RSUs or cashed out at closing.

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