The merger between SandRidge (NYSE:SD) and Arena Resources (NYSE:ARD) was finalized today, as shareholders of each company gave approval to go forward with the deal, which was closed soon afterwards.
Today will be the final trading day of common stock of Arena on the New York Stock Exchange, which will stop after the close today.
From Arena's standpoint, their shareholders approved the merger, while Sandridge shareholders gave approval to issue SandRidge common stock to Arena stockholders as part of the merger proposal and to change SandRidge's certificate of incorporation to increase the number of authorized shares of its capital stock.
Showing posts with label Arena Resources. Show all posts
Showing posts with label Arena Resources. Show all posts
Friday, July 16, 2010
Wednesday, April 7, 2010
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.
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.
Monday, April 5, 2010
Sandridge Energy (NYSE:SD) Acquires Arena Resources (NYSE:ARD)
SandRidge Energy and Arena Resources
SandRidge Energy (NYSE:SD) and Arena Resources (NYSE:ARD) announced the have officially entered into an agreement where the two company will merge after Sandridge pays close to $1.6 billion for Arena.
The market cap for both companies is very similar, with SandRidge worth a little more at this time.
Shareholders of Arena will receive a little under 4.8 shares of SandRidge stock, plus $2.50 in cash, for each share they hold in Arena. That will come to a 17 percent premium paid at close to $40 a share.
Together the companies will be valued at $6.2 billion.
The deal still must be approved by shareholders of both companies, but that isn't expected to be a problem.
SandRidge Energy (NYSE:SD) and Arena Resources (NYSE:ARD) announced the have officially entered into an agreement where the two company will merge after Sandridge pays close to $1.6 billion for Arena.
The market cap for both companies is very similar, with SandRidge worth a little more at this time.
Shareholders of Arena will receive a little under 4.8 shares of SandRidge stock, plus $2.50 in cash, for each share they hold in Arena. That will come to a 17 percent premium paid at close to $40 a share.
Together the companies will be valued at $6.2 billion.
The deal still must be approved by shareholders of both companies, but that isn't expected to be a problem.
SandRidge Energy (NYSE:SD) Acquiring Arena Resources (NYSE:ARD)
SandRidge Energy
In a move to tap into more oil resources, SandRidge Energy (NYSE:SD) announced it will acquire its rival, Arena Resources (NYSE: ARD), for $1.6 billion, equaling the market cap of SandRidge at the time of this writing.
Natural gas prices are projected to remain low for a long time, and companies overweight in natural gas are scrambling to diversify to remain profitable and grow.
SandRidge has a strategy of searching for its oil and gas in a more conventional manner, holding back from entering into the higher-cost shale gas others are tapping into at this time.
As far as natural gas goes, this is a good strategy as the most profitable companies will be those able to contain their costs the best in a low-price environment.
SandRidge Energy
In a move to tap into more oil resources, SandRidge Energy (NYSE:SD) announced it will acquire its rival, Arena Resources (NYSE: ARD), for $1.6 billion, equaling the market cap of SandRidge at the time of this writing.
Natural gas prices are projected to remain low for a long time, and companies overweight in natural gas are scrambling to diversify to remain profitable and grow.
SandRidge has a strategy of searching for its oil and gas in a more conventional manner, holding back from entering into the higher-cost shale gas others are tapping into at this time.
As far as natural gas goes, this is a good strategy as the most profitable companies will be those able to contain their costs the best in a low-price environment.
SandRidge Energy
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