March 19, 2018 / 10:02 PM / a month ago

SandRidge rejects Midstates buyout offer, explores strategic options

March 19 (Reuters) - Oil and gas producer SandRidge Energy Inc said on Monday it rejected smaller rival Midstates Petroleum Co Inc’s offer to buy the company in an all-stock deal.

SandRidge, however, said it would explore strategic options, including divestment or joint venture opportunities at its North Park Basin assets.

Oklahoma-based Midstates Petroleum, backed by activist shareholder Fir Tree Partners, had offered to buy SandRidge last month, after activist shareholder Carl Icahn scuppered SandRidge’s plans to buy Bonanza Creek Energy Inc. (Reporting by John Benny in Bengaluru; Editing by Shounak Dasgupta)

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