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SandRidge Board Unimpressed with Buyout Offers; Will Move Forward with Growth Plan
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SandRidge Energy has concluded its formal strategic review process following the thorough evaluation of multiple potential transactions, all of which the Board of Directors believes significantly undervalue either the Company or its resources.
When the highest cash bids were totaled, the Company's implied liquidation value was approximately $12.00-$13.00 per share, which the Board believes meaningfully undervalues the Company.
The Board has concluded that the optimal course at this time is to develop the Company's extensive inventory base in the Northwest STACK and the North Park Basin and pursue value enhancement opportunities in the Mississippian Lime. The Company will also pursue opportunistic acquisitions of strategic assets that provide complimentary, high quality production and…
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