- Proxy advisory firm Institutional Shareholder Services recommends Callon Petroleum (CPE +4.3%) shareholders vote in favor of the Carrizo Oil & Gas (CRZO +4.3%) acquisition, after previously advising a vote against the original merger.
- "Given the material improvement in terms, along with the strategic rationale for the merger... support FOR the transaction is now warranted," ISS says.
- The deal was at risk of falling apart before the companies agreed last week to a reduced offer of 1.75 CPE shares for each CRZO share held, down from the previous offer of 2.05 CPE shares.
- Major CPE shareholder John Paulson dropped his opposition to the deal earlier this week and said his hedge fund sold off half of its stake in the company.