CPE stock has been gaining throughout December after Callon Petroleum (NYSE:CPE) completed its long-delayed merger with rival firm Carrizo Oil & Gas (NASDAQ:CRZO).
CPE Stock Hit Seven-Year Low Due to Investor Opposition
The merger of the two Houston-based oil firms had been delayed due to opposition from shareholders on both sides, particularly from activist investors in Callon led by the company’s former majority shareholder John Paulson. Initial terms of the deal would have seen Callon Petroleum pay a 25% premium on Carrizo stock, which Paulson argued was far too high. However, revised terms were put forward ...
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Source: MicroSmallCap
(December 30, 2019 - 3:22 PM EST)
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