CPE Stock Boosted as Shareholders Oppose Callon’s Takeover of Carrizo

CPE stock has been bolstered by shareholders of Callon Petroleum Co (NYSE:CPE) opposing to its proposed takeover of Carrizo Oil & Gas Inc (NYSE:CRZO).

Billionaire investor John Paulson, whose hedge fund Paulson & Co holds a 9.5% stake in Callon, has written to the company’s management outlining why he believes the company should drop its plans for a proposed $3.2 billion acquisition of Carrizo. Paulson cites the 36% decline in CPE shares since the deal was announced, which has seen investors lose about $530 million USD, adding that Carrizo’s  ...