| Icahn Wins Tussle With SandRidge as Bonanza Deal Scrapped | |
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SandRidge Energy Inc., succumbing to a campaign led by activist investor Carl Icahn, gave up on its proposed purchase of rival oil explorer Bonanza Creek Energy Inc. After consultation with its largest shareholders, the company’s board of directors concluded that it would not receive approval for the transaction at its planned special meeting, SandRidge said in a statement. SandRidge will reimburse Bonanza Creek for transaction-related expenses of as much as $3.7 million. The shares gained 1.9 percent in after-hours trading. SandRidge announced the planned acquisition, initially valued at about $750 million, on Nov. 15. A week later, Icahn, who owns a 13.5 percent stake, blasted the deal as overpriced. Fir Tree Partners Inc. said this month it was joining Icahn in opposing the takeover. More from Bloomberg.com: Bitcoin Dips Below $14,000 as South Korea Eyes Fresh Regulations “We believe SandRidge would better position itself by returning capital to its shareholders and growing production in a disciplined manner, not through pursuing this reckless transaction,” Fir Tree wrote in its letter. The deal would increase company cash flows by 15 percent next year and earnings per barrel of oil by 21 percent, SandRidge had said in a letter obtained by Bloomberg News. The acquisition would give SandRidge ready-to-drill assets to balance a portfolio that now consists of declining wells or land still in the early phases of development, the letter said. More from Bloomberg.com: Obama Tops Trump as Most Admired, Gallup Poll of Americans Finds More from Bloomberg.com Read Icahn Wins Tussle With SandRidge as Bonanza Deal Scrapped on bloomberg.com |
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SandRidge Energy
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CODE : SD |
ISIN : US80007P3073 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
SandRidge is a exploration company based in United states of america. SandRidge is listed in United States of America. Its market capitalisation is US$ 528.8 millions as of today (€ 496.2 millions). Its stock quote reached its lowest recent point on January 06, 2016 at US$ 0.15, and its highest recent level on April 23, 2024 at US$ 14.75. SandRidge has 35 850 000 shares outstanding. |