SandRidge Energy (NYSE:SD) Up As Arena Resources (NYSE:ARD) Board Investigated

SandRidge Energy, Arena Resources Deal

In a move to diversify its product line, SandRidge Energy (NYSE:SD) acquired Arena Resources (NYSE:ARD) for about $1.55 billion; almost a 17 percent premium from the price of Arena at the close on April 1.

SandRidge Energy share prices went up again, not only on the news of the deal, but the news the Arena Resources board is being investigated on behalf of shareholders by the Law Offices of Howard G. Smith.

The "potential claims" against the board weren't revealed at the time of this writing.

SandRidge offered 4.8 million shares of common stock and $2.50 for each Arena share for the company.