SilverBow Resources falls after rejecting Kimmeridge takeover bid

** Shares of energy producer SilverBow Resources SBOW down 1.96% to $34

** Co rejects largest shareholder Kimmeridge Energy Management's latest offer that values the oil and gas producer at $2.1 bln

** SBOW says latest offer from Kimmeridge "substantially undervalues" co

** Oil and gas producer also rejected three board nominees proposed by Kimmeridge earlier in March

** SilverBow said it is continuing to engage with Kimmeridge over the proposed deal

** Including session's losses, SBOW shares are up 17.3% YTD