June 29, 2018 / 11:55 AM / 23 days ago

SandRidge draws interest from more bidders, including Midstates

(Reuters) - SandRidge Energy Inc (SD.N) has been approached by 26 potential bidders for a buyout of the company or some of its assets, the U.S. shale oil producer said on Friday, days after activist investor Carl Icahn took control of its board.

FILE PHOTO: An electronic display identifies the post that trades SandRidge Energy stock on the floor of the New York Stock Exchange, New York, NY, U.S., January 11, 2013. REUTERS/Brendan McDermid/File Photo

The list includes Midstates Petroleum (MPO.N), whose previous attempt to buy SandRidge was rebuffed by the company - a move that was criticized by Icahn and some other shareholders.

SandRidge, which said earlier this month it was approached by 17 potential bidders including Icahn, is seeking more bids and has launched a review of its assets and strategies.

Icahn, who had then said he was not planning to make a bid soon, was not immediately available for comment.

The investor won the battle for control of SandRidge last week, taking five seats on the board. Earlier, the investor had criticized the embattled company’s leadership and forced the removal of its chief executive officer.

Of the 26 potential bidders, 10 of them were interested in buying the whole company, while 16 were focused solely on its assets in North Park, an oil and gas basin in Colorado.

SandRidge has a market value of about $614 million.

Reporting by Anirban Paul in Bengaluru; Editing by Saumyadeb Chakrabarty

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