SandRidge and Arena jointly announced that special meetings of the stockholders of each of SandRidge and Arena were held on July 16. The Arena stockholders approved the merger with SandRidge. The SandRidge stockholders approved proposals to issue SandRidge common stock to Arena stockholders as part of the merger consideration and to amend SandRidge's certificate of incorporation to increase the number of authorized shares of its capital stock.
Following the meetings, the companies consummated the merger. Trading in Arena's common stock on the New York Stock Exchange will cease after the market closes on July 16.
Deutsche Bank Securities Inc. served as financial adviser and provided a fairness opinion to SandRidge in connection with the merger. SandRidge was represented by Covington & Burling LLP. SunTrust Robinson Humphrey, Inc. served as financial adviser to Arena, and Tudor, Pickering, Holt & Co. Securities, Inc. provided a fairness opinion to Arena, in connection with the merger. Arena was represented by Johnson & Jones, P.C. and Haynes and Boone, LLP.
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