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Crescent Energy Co. and SilverBow Resources Inc. jointly announced the preliminary election results of the form consideration — cash, stock or both— SilverBow shareholders will receive as a result of the companies' $2.1 billion merger.
Holders of approximately 44.95% of the outstanding shares of SilverBow common stock, or 11.47 million shares, elected to receive the stock election consideration. They will receive 3.125 shares of Crescent Class A common stock for each share of SilverBow common stock.
Holders of approximately 30.40% of the outstanding shares of SilverBow common stock, or 7.76 million shares, elected to receive mixed consideration. They will receive 1.866 shares of Crescent Class A common stock for each SilverBow share and $15.31 in cash without interest.
Holders of approximately 24.65% of the outstanding shares of SilverBow common stock, or 6.29 million shares, chose a cash payout. Holders will receive $38 in cash without interest for each share, a 17% premium to the SilverBow's share price when the deal was announced.
As a result of the elections, it is estimated that $358.09 million in cash will be paid to holders of SilverBow common stock as part of the merger consideration.
The companies expect the merger, which adds SilverBow's Eagle Ford Shale assets to Crescent, to close July 30, subject to final approvals.
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