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Kekst CNC handles Riposte Capital as the investment advisor presses SilverBow Resources oil & gas company to add independent directors to its board at the 2024 annual meeting.
Riposte Capital’s Khaled Beydoun wrote a Nov. 30 letter to SilverBow CEO Sean Woolverton and the board, saying they have proven to be “incapable of being credible stewards of capital or corporate governance.”
Beydoun notes that SilverBow's $700M acquisition of Chesapeake Energy’s south Texas holdings has hardly been “transformational” as promised in the Aug. 14 announcement.
SilverBow’s stock price fell 23 percent since that announcement.
Riposte also criticized SilverBow for being the only energy company with a poison pill anti-takeover mechanism.
“It has become clear that you have done everything within your power to deter potential acquirers of he company in the midst of an ongoing wave of logical consolidation that is unfolding across your peer groups’ ecosystem,” wrote Beydoun.
Riposte, which owns 6.7 percent of SilverBow, believes a revamped board is needed to pursue a strategy that creates value for investors.
Kekst CNC’s Ross Lovern represents Riposte Capital.
Teneo represents American Ocean Minerals Corp as its merges with NASDAQ-listed Odyssey Marine Exploration to create a $1B deep-sea critical minerals research and mining platform that is under US-control.
Kekst CNC represents Cleveland-based Everstream as the business-only fiber network receives bankruptcy court approval for the sale of almost all of its operations to Bluebird Fiber for $385M.
FTI Consulting handles media for McCormick as the 137-year-old flavors company combines with Unilever Foods in a deal valued at $45B.
Edelman Smithfield handles Sysco as the world's largest food-away-from-home distributor acquires Foxcroft Strategy Group client Jetro Restaurant Depot, which serves delis and mom & pop shops, in a deal valued at $29B.
FGS Global represents Brown-Forman Corp. as it confirms merger discussions with French liquor giant Pernod Ricard.
