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Carl Icahn reports 13.51 percent stake in SandRidge Energy
November 22, 2017 / 10:33 PM / in 18 days

Carl Icahn reports 13.51 percent stake in SandRidge Energy

(Reuters) - 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).

FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York, U.S., February 11, 2014. REUTERS/Brendan McDermid/File Photo

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.

Reporting by Akshara P in Bengaluru; Editing by Maju Samuel

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