Wednesday, November 14, 2018

SandRidge Draws Interest from Multiple Bidders

Posted by June 29, 2018

File Image (CREDIT: AdobeStock / © Shamtor)

SandRidge Energy Inc has been approached by 26 potential bidders for a buyout of the company or some of its assets, the U.S. shale oil producer said on Friday, days after activist investor Carl Icahn took control of its board.
 
The list includes Midstates Petroleum, whose previous attempt to buy SandRidge was rebuffed by the company - a move that was criticized by Icahn and some other shareholders.
 
SandRidge, which said earlier this month it was approached by 17 potential bidders including Icahn, is seeking more bids and has launched a review of its assets and strategies.
 
Icahn, who had then said he was not planning to make a bid soon, was not immediately available for comment.
 
The investor won the battle for control of SandRidge last week, taking five seats on the board. Earlier, the investor had criticized the embattled company's leadership and forced the removal of its chief executive officer.
 
Of the 26 potential bidders, 10 of them were interested in buying the whole company, while 16 were focused solely on its assets in North Park, an oil and gas basin in Colorado.
 

SandRidge has a market value of about $614 million.

 

Reporting by Anirban Paul  

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