Midstates Petroleum Offers To Merge With Sandridge Energy



Reuters

Feb 6 (Reuters) - Midstates Petroleum Company Inc said on Tuesday it was seeking to merge with larger rival SandRidge Energy Inc in an all-stock deal that could create an oil and gas producer valued at nearly $1 billion.

The move comes weeks after SandRidge terminated a $746-million deal to buy Bonanza Creek Energy Inc following opposition from investors including top SandRidge shareholder Carl Icahn.

SandRidge shareholders would receive 1.068 shares of Midstates for each SandRidge share and own about 60 percent of the combined company, as per Midstates' proposal.

The proposal is backed by Midstates' largest shareholders, Fir Tree Partners and Avenue Capital Group.

SandRidge did not immediately respond to a request for comment.

(Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar)



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