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Title : SandRidge Kills Bonanza Creek Deal -- WSJ -- December 29, 2017
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SandRidge Kills Bonanza Creek Deal -- WSJ -- December 29, 2017

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Oil-and-gas company SandRidge Energy Inc. is terminating its agreement to buy Bonanza Creek Energy Inc., 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.

Mr. 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 were undervalued.

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