Nov 20 (Reuters) - Activist investor Fir Tree Partners on Monday opposed SandRidge Energy’s $746-million acquisition of rival Bonanza Creek Energy. Fir Tree Partners said the proposed deal would “drain SandRidge of its entire cash balance”.
The hedge fund has a stake of 8.3 percent in SandRidge making it the second-biggest investor in the oil and gas producer, according to Thomson Reuters data.
Reporting by John Benny in Bengaluru; Editing by Arun Koyyur