General News | Top Story | Deals - Acquisition, Mergers, Divestitures
Corporate Raider Ichan Kills Sandridge / Bonanza Creek Deal
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SandRidge has ditched its planned acquisition of Bonanza Creek, coming to this decision after consulting with its largest shareholders.
According to the release, the decision was unanimously approved by the SandRidge board. As part of the mutual termination agreement, SandRidge will reimburse Bonanza Creek for transaction related expenses up to $3.7 million.
Numerous substantial shareholders, including "corporate raider" Carl Icahn, had voiced opposition to the merger agreement.
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