Notable News to Watch: Callon Petroleum Company (NYSE:CPE)

On Thursday Callon Petroleum Company (NYSE:CPE) started its trading session with the price $4.56 and closed at price of $4.19 by scoring -6.05%. Day range of the stock was $4.15 – $4.6. CPE stock traded with total volume of 54320687 shares while the average trading capacity remained 18498461 shares.  Earnings per share was $1.02. CPE has total market capitalization of $956937353.

On Nov. 14, 2019, Callon Petroleum Company (NYSE:CPE) and Carrizo Oil & Gas (NASDAQ: CRZO) revealed an amendment to the existing terms of their agreement for Callon to acquire Carrizo in an all-stock transaction.

Under the amended terms, Carrizo shareholders will receive 1.75 shares of Callon common stock for each share of Carrizo common stock they own. With the amended exchange ratio, Callon shareholders will own approximately 58% of the combined company and Carrizo shareholders will own approximately 42% on a fully diluted basis. Based on the closing prices of Callon and Carrizo common shares on the pre-announcement date of July 12, 2019, the amended exchange ratio represents a premium of 6.7% to Carrizo shareholders.

Joe Gatto, President and Chief Executive Officer of Callon, said, Since announcing the transaction, we have had extensive and valued dialogue with our shareholders, who have expressed support for the industrial logic and strategic merits of this transaction. In recognition of evolving investor expectations for a successful combination in the current environment, we have agreed to revised terms with Carrizo that enable value-creation opportunities for both shareholder bases.

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