NEW YORK, Nov. 18, 2019 /PRNewswire/ -- Paulson &
Co. Inc. ("Paulson"), as manager of funds holding shares of Callon
Petroleum Company ("Callon" or the "Company") (NYSE: CPE),
announced it no longer opposes the proposed acquisition of Carrizo
Oil & Gas Inc. ("Carrizo") (NASDAQ: CRZO) and will vote its
shares in favor of the transaction.
The revised merger terms provide substantial benefits to Callon
shareholders. The revision reduces the exchange ratio from
2.05 to 1.75, reduces the premium paid to Carrizo from 25% to 6.7%,
lowers the authorized share request from 750 million to 525
million, and eliminates the golden parachute entitlement to Callon
management.
While Paulson believes that a pure Permian focused producer
would be a more attractive alternative, Paulson respects that
different shareholders might have different viewpoints on this
matter. As such, although Paulson no longer opposes the
transaction, it has reduced its investment position in Callon.
About Paulson & Co. Inc.
Paulson, founded in 1994, is an investment management firm
headquartered in New York.
Cautionary Statement
Paulson & Co. Inc. ("Paulson") is not soliciting proxies
in connection with any matter brought before shareholders of the
companies identified in this letter or press release.
Clients, funds and accounts managed by Paulson (the "Paulson
Clients") may from time to time beneficially own, and/or have an
economic interest in, shares of the companies discussed in this
letter and as a result, the Paulson Clients have an economic
interest in the forward-looking statements, estimates and
projections discussed above and their impact on the companies
discussed in this letter. The Paulson Clients are in the business
of trading – buying and selling – securities, and may trade in the
securities of the companies discussed in this letter. You should
also assume that the Paulson Clients may from time to time sell all
or a portion of their holdings of one or more of the companies in
open market transactions or otherwise (including via short sales),
buy additional shares (in open market or privately negotiated
transactions or otherwise), or trade in options, puts, calls, swaps
or other derivative instruments relating to some or all of such
shares, regardless of the views expressed in this letter.
The views contained in this letter and press release
represent the opinions of Paulson as of the date hereof.
Paulson reserves the right to change any of its opinions expressed
herein at any time, but is under no obligation to update the data,
information or opinions contained herein. Under no circumstances is
this letter or press release intended to be, nor should it be
construed as advice or a recommendation to enter into or conclude
any transaction or buy or sell any security (whether on the terms
shown herein or otherwise). This letter should not be construed as
legal, tax, investment, financial or other advice. Additionally,
this letter should not be construed as an offer to buy any
investment in any fund or account managed by Paulson.
Contact:
Marcelo Kim
Paulson & Co. Inc.
212-599-6628
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SOURCE Paulson & Co. Inc.