Corporate Law News

Carrizo Oil’s $3.2 Billion Callon Petroleum Buyout Challenged

Oct. 10, 2019, 9:59 PM

Callon Petroleum Co.’s board was hit with a Delaware lawsuit Oct. 10 claiming it put its thumb on the scales of a planned $3.2 billion buyout by concealing that most pay for deal adviser JPMorgan Securities LLC depends on shareholder approval.

The all-stock tie-up would merge Callon with Carrizo Oil & Gas Inc. It calls for Callon to issue 190 million new shares, a move that needs shareholder approval under NASDAQ rules, according to the Chancery Court complaint. The proposed class action, filed by an individual investor, targets only Callon’s directors, not any of the companies involved in the transaction....

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