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SandRidge Rejects Midstate's Merger Offer; Exploring Strategic Alternatives
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SandRidge Energy has rejected Midstate's offer for a business combination after "careful consideration and a detailed technical and financial review."
The proposal was initially submitted by Midstates in early February 2018.
The deal would have combined Midstates and SandRidge in a stock for stock merger at a 60%/40% exchange ratio that would create the leading exploration and production company in the Mississippian Lime and STACK plays.
SandRidge further commented: "[SandRidge] does not support Midstates' estimate that the combined business plan would result in generally flat production and free cash flow of $320 million to $400 million, over the four year period from 2019 to 2022. For these and other reasons, SandRidge has concluded that accepting Midstates' proposal would be highly dilutive and not in the best long-term interests of SandRidge stockholders."
Following the receipt of Midstates' offer, SandRidge has received indications of interest regarding alternative transactions from other oil and gas companies. As a result, the Company announced today that it will undertake a formal process to evaluate strategic alternatives to maximize shareholder value.
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