Billionaire investor John Paulson’s hedge fund on Monday, September 9, urged Callon Petroleum to drop its proposed US$3.2 billion acquisition of Carrizo Oil & Gas, and instead consider selling itself, reported The Wall Street Journal.
The hedge fund, led by John Paulson, stated it would vote against Callon’s proposed acquisition of Carrizo Oil & Gas, according to a letter it sent to Callon’s board and released on Monday.
Paulson stated it believes Callon would be better off selling itself than acquiring Carrizo. In its letter, Paulson listed several large oil producers it claimed could potentially purchase Callon.
The investor, which stated it owns almost 10% of Callon’s stock, pointed to a share-price drop since the deal was announced and criticized assets Carrizo owns in a Texas production region, according to the letter.
Full Content: Wall Street Journal
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