SilverBow Resources Inc., a prominent energy firm, publicized on Thursday that its board has chosen to dismiss the latest proposal from Kimmeridge Energy Management Company. This decision was born of the belief that Kimmeridge's offer significantly undervalues the true worth of the company.
SilverBow's board arrived at the conclusion with the advice of independent financial and legal consultants. It was observed in their review that Kimmeridge's proposal merely reported an estimated appraisal of their Texas Gas assets, rather than their concrete value.
Furthermore, SilverBow expressed that it would not be accepting any potential board nominees suggested by Kimmeridge.
As it stands, SilverBow's shares are currently traded at $34.47 on the New York Stock Exchange, illustrating a modest decrease of 0.63 percent.
