Activist Investor Carl Icahn on Wednesday reported a 13.51 percent stake in SandRidge Energy (SD.N) and said he would vote against the company’s proposed acquisition of Bonanza Creek Energy Inc (BCEI.N).
Another investor Fir Tree Partners on Monday opposed SandRidge’s $746 million Bonanza Creek deal, saying an acquisition would drain all of the oil and gas producer’s cash.
Icahn said that while he has not spoken with Fir Tree, he agreed with the hedge fund’s reasons for opposing the deal.
SandRidge emerged from bankruptcy late last year, while Bonanza did so in April this year following a recovery in oil prices after a two-year slump.
Source: Reuters
