26 July 2021business combination● NeutralMajor
IE PubCo's first registration statement for the combination that became Crescent Energy: KKR-backed Independence Energy LLC folded together with listed Contango Oil & Gas through a chain of mergers, with Contango holders receiving 0.2000 shares of the new company for each Contango share. Independence's owners come out with roughly 75% of the combined equity and all of the Class B stock that carries no economics but does carry control; Contango holders have no dissenters' rights and Jefferies gave their board the only fairness opinion.