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Paulson Writes To Callon Board, Plans To Vote Against Carrizo Deal

Activist investor Paulson & Co today wrote to the board of Callon informing it that Paulson plans to vote its shares against the proposed acquisition of Carrizo Oil & Gas Inc. and urges the board and management to pursue a sale of the Company.

The letter outlines the reasons why Paulson opposes the proposed acquisition, including a 36% decline in Callon's stock price since the transaction was announced, resulting in a $530 million loss in value, and what Paulson calls an 'unjustifiable' premium of 25%.

The full letter can be read here Paulson_Letter_to_Callon_Board___MI.pdf.