November 20, 2017 / 1:17 PM / a month ago

Fir Tree Partners oppose SandRidge's $746-mln bid for Bonanza

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

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