Carl Icahn, who has vociferously opposed SandRidge Energy Inc.'s acquisition of Bonanza Creek Energy Inc. of Denver, is going straight to SandRidge shareholders.
Icahn, who owns about 13.5 percent of Oklahoma-based SandRidge (NYSE: SD), sent out a letter to SandRidge shareholders Friday, urging them to vote against SandRidge's plan to issue stock to buy Bonanza Creek (NYSE: BCEI).
Icahn wrote that "SandRidge has significantly overvalued Bonanza Creek ... in an overpriced transaction," adding he does "not support and urge(s) ... fellow stockholders not to support this highly dilutive transaction that is being financed with a substantial portion of significantly undervalued SandRidge stock."
Previously, Icahn has called the $746 million deal "insane" and "ridiculous," and especially took umbrage at SandRidge's enacting of a "poison pill" plan that would prevent him from buying more stock.
Read more at the Denver Business Journal: http://bit.ly/2jYmoL4
