SandRidge Energy (NYSE:SD) says it is terminating its proposed acquisition of Bonanza Creek Energy (NYSE:BCEI), bending to pressure from big shareholders including Carl Icahn who were against the deal.
Icahn and the other investors said the BCEI deal made little sense and was too costly; in addition to Icahn, owners of at least 12.5% in aggregate of SD shares had publicly opposed the deal, including Fir Tree Partners, Susquehanna Investment Group and Cannell Capital.
SD had said that buying BCEI would add drill-ready locations in Colorado’s Denver-Julesburg Basin to its portfolio and provide economies of scale.
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