The Wall Street Journal: SandRidge drops bid for Bonanza Creek after Icahn opposition

Oil-and-gas company SandRidge Energy Inc. is terminating its agreement to buy Bonanza Creek Energy Inc. BCEI, -1.10%  , after getting pushback from some of its biggest stakeholders, including activist investor Carl Icahn.

“After consultation with SandRidge’s largest shareholders, it became clear that the company would not receive approval for the transaction,” SandRidge said Thursday.

Icahn, the company’s biggest shareholder with a 13.5% stake, and other SandRidge investors had taken issue with the cash-and-stock deal, which was valued at about $750 million when it was announced in November. Investors said the deal made little sense and was too costly, especially because they believed shares of SandRidge SD, +1.65%   were undervalued.

“We are obviously pleased with this result, but we still have grave concerns about many of the things that the board has permitted to happen at this company,” Icahn said Thursday. Icahn has been contemplating waging a proxy fight against SandRidge, and he took aim at the company’s management and its pay in November.

An expanded version of this report appears on WSJ.com.

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