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SD

SandRidge Energy

$17.50

0.88 (5.29%)

, BCEI

Bonanza Creek

$32.14

0.46 (1.45%)

16:44
11/22/17
11/22
16:44
11/22/17
16:44

Icahn reports 13.51% stake in SandRidge Energy, intends to vote against Bonanza

Icahn has read Fir Tree Partners' statement setting forth their criticisms of the proposed acquisition of Bonanza Creek Energy (BCEI) and their reasons for intending to vote against it. While Icahn has not spoken with Fir Tree, he could not be more in agreement with the views expressed in the statement - especially with the assertion that the transaction "reminds us of SandRidge's (SD) prior history when this same management team acquired disparate assets and added leverage with reckless abandon." Icahn obviously also intends to vote against the nonsensical Bonanza transaction. While Icahn has not spoken with any stockholders of the company, including Fir Tree, he notes that news reports indicate other large holders, including Susquehanna Advisors and Cannell Capital, are similarly opposed to the transaction and intend to vote against it. Representatives of Icahn attempted to reach James Bennett, the CEO of SandRidge Energy, and intend to continue to seek to meet with him and his management team soon. Icahn looks forward to hearing what possible justifications management could have for entering into such a seemingly ill-advised, dilutive and value-destructive acquisition and why they believe the transaction is anything more than an entrenchment technique. Icahn also intends to have discussions with SandRidge's board of directors, other stockholders of the company, and other relevant parties as they continue to evaluate the situation. Icahn is considering all options and, while he has no present plan to do so, he reserves the right and is considering whether to propose other transactions which relate to or would result in one or more of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D, including, without limitation, calling a special meeting of stockholders to seek to remove the company's board of directors.

SD

SandRidge Energy

$17.50

0.88 (5.29%)

BCEI

Bonanza Creek

$32.14

0.46 (1.45%)

SD SandRidge Energy
$17.50

0.88 (5.29%)

02/22/17
GHSC
02/22/17
INITIATION
Target $25
GHSC
Buy
SandRidge Energy coverage resumed with a Buy at Seaport Global
Seaport Glboal analyst Mike Kelly resumed coverage on SandRidge Energy with a Buy and a $25 price target.
04/25/17
MZHO
04/25/17
INITIATION
Target $25
MZHO
Buy
SandRidge Energy initiated with a Buy at Mizuho
Mizuho analyst Timothy Rezvan initiated SandRidge Energy with a Buy and a $25 price target.
06/21/17
GHSC
06/21/17
DOWNGRADE
Target $17
GHSC
Neutral
SandRidge Energy downgraded to Neutral from Buy at Seaport Global
Seaport Global's Energy team reduced its long-term oil forecast to $40/bbl from $50/bbl to reflect "relentless" US production growth. The firm sees the potential for the oil market to be "significantly over supplied in 2018 and cut its oil price forecast for first half 2017 to $45/bbl from $55/bbl and first half 2018 to $35/bbl from $55/bbl.
BCEI Bonanza Creek
$32.14

0.46 (1.45%)

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