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SandRidge Adopts 'Poison Pill' Strategy As Corporate Raider Icahn Revealed as Investor
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SandRidge Energy is seeing some backlash from investors regarding its pending takeover of Bonanza Creek Energy.
In response, the company's board has unanimously approved a short-term shareholder rights plan which will prevent investors from obtaining more than a 10% stake in the company. Morgan Stanley and Vinson & Elkins are advising the company in regard to the matter.
Carl Icahn, who owns a 13.5% stake in SandRidge, has emerged as one of the shareholders that is opposing the acquisition of Bonanza Creek, calling the plan "nonsensical."
In addition, members of the firm Fir Tree Partners (8% SandRidge ownership) have also spoken out against the deal, saying that SandRidge is paying too much for Bonanza Creek.
John Genova, Chairman of the Board of SandRidge said, "Today's actions are designed to protect the interests of all of our shareholders and preserve their ability to fully consider all information related to the proposed Bonanza Creek merger -- including information which will be included in our proxy materials -- and vote as they see fit. SandRidge looks forward to continuing to engage in constructive dialogue with shareholders regarding our plans for the business and the compelling strategic opportunity we see with Bonanza Creek."
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