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(Adds details on Icahn, Fir Tree, share movement) Dec 28 (Reuters) - Oil and gas producer SandRidge Energy on Thursday backed out from its plan to buy smaller rival Bonanza Creek Energy, giving in to pressure from activist investor Carl Icahn and other shareholders. Oklahoma-based SandRidge, which emerged from bankruptcy last year, had said in November that it would pay $746 million for Bonanza Creek to expand its presence in the Denver-Julesburg Basin of Colorado. Icahn, who is the single largest shareholder with a 13.5 percent stake, had called the offer "value-destroying" and said it provides "no obvious synergies nor economies of scale". Private investment firm Fir Tree Partners, which owns about 8.3 percent, had said the purchase would drain all of the oil and gas producer's cash. After talking to its top shareholders, SandRidge board on Thursday concluded that it would not receive approval for the transaction. As part of the mutual termination agreement, Bonanza will receive up to $3.7 million for transaction related expenses, SandRidge said. Shares of SandRidge were up 1.9 percent, while Bonanza Creek were down 1.8 percent in after market trading. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Arun Koyyur) |
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SandRidge Energy
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CODE : SD |
ISIN : US80007P3073 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
SandRidge est une société d’exploration minière basée aux Etats-Unis D'Amerique. SandRidge est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 522,3 millions US$ (457,5 millions €). La valeur de son action a atteint son plus bas niveau récent le 06 janvier 2016 à 0,15 US$, et son plus haut niveau récent le 28 mars 2024 à 14,57 US$. SandRidge possède 35 850 000 actions en circulation. |