To Combat Bonanza Creek Transaction – Carl Icahn Buys 13.51% Stake In SandRidge Energy

Carl Icahn

Billionaire activist-investor Carl Icahn has purchased a 13.51 percent stake in SandRidge Energy, according to a Securities and Exchange Commission filing. The investor also combined with other shareholders to oppose the provider’s proposed acquisition of Bonanza Creek, citing its too expensive. The deal makes him the largest holder of SandRidge shares.

Oklahoma City-based SandRidge last week announced a $746 million deal to purchase rival Bonanza Creek.

SandRidge, an oil and gas producer, emerged from bankruptcy late last year, while Bonanza did so in April this year after a recovery in oil costs.