November 14, 2019 / 11:22 AM / a month ago

Callon Petroleum lowers deal offer for Carrizo Oil

Nov 14 (Reuters) - Callon Petroleum said on Thursday it had cut its buyout offer for Carrizo Oil & Gas and postponed shareholders’ meeting to Dec. 20.

Carrizo shareholders will now get 1.75 Callon shares for each share held, down from the previous offer of 2.05 Callon shares.

The merger was opposed by Paulson & Co, Callon’s third-largest shareholder, while proxy advisory firms Glass Lewis & Co and Institutional Shareholder Services urged a “no” vote. (Reporting by Shradha Singh in Bengaluru; Editing by Shinjini Ganguli)

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